Forecast: International Tourism Expenditures for Travel Items in the US

International tourism expenditures for travel items in the US showed a steady increase from 2013 to 2019, peaking at $133.29 billion in 2019. A sharp decline occurred in 2020 due to the COVID-19 pandemic, with expenditures dropping by over 73%. A significant rebound followed, with expenditures reaching $125.68 billion in 2022 and $154.07 billion in 2023. The last two years saw average year-on-year growth rates of 41.24% (2022) and 22.59% (2023). Over the last five years, the compound annual growth rate (CAGR) was 4.08%.

Looking ahead, from 2024 onwards, tourism expenditures are projected to continue increasing, with a CAGR of 3.1%, resulting in a forecasted expenditure of $187.34 billion by 2028, demonstrating a long-term growth rate trend. Key future trends to monitor include the impact of inflation on travel costs, evolving travel preferences post-pandemic, and potential economic fluctuations affecting international travel budgets.