Home HOTEL ANNOUNCEMENTS The U.S. is the first major travel market to surpass 2019 size

The U.S. is the first major travel market to surpass 2019 size

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The U.S. is the first major travel market to surpass 2019 size


The
U.S. economy continues to exhibit resilience and robustness, albeit
not without encountering notable hurdles. 

Though
the failure of three regional U.S. banks in the first half of 2023 has had a modest
economic impact, such events demonstrate that the economy is currently
fragile, and that a financial disturbance could easily throw it into a
recession. 

Even
as the labor market has remained surprisingly strong overall, there have been
massive layoffs at tech firms including Alphabet, Facebook, Salesforce and
Amazon. The prevailing geopolitical conflict initiated by Russia’s invasion of Ukraine,
accompanied by a sluggish growth trajectory in Europe and China and challenges
faced in supply-chain management, continue to pose obstacles for the economy. 

However,
Americans’ enduring passion for travel has prevailed, even amid considerable
uncertainties. Remarkably, in 2022, they continued to assign greater value to
travel when compared with other discretionary expenditures like home
improvements, dining/nightlife and electronics. 

According to Phocuswright’s latest travel research report U.S.
Travel Market Report 2022-2026
, the U.S. travel
market grew by 51% to $422
billion in 2022, becoming the first major
travel market globally to surpass its 2019 size.

Good news continues with research
showing that all segments registered double-digit revenue increases in 2022.

U.S. Travel Market Report 2022-2026

This report features an overview of the U.S. travel market, along with
detailed data and analysis of five key segments: airline, hotel & lodging,
car rental, cruise and packaged travel. A standalone report dedicated to online
travel agencies rounds out the coverage. 

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