Travel Industry 2024 PLUS Presentation

The Economy’s Effect on Travel

• According to the U.S. Travel Association’s summer 2023 forecast, total travel spending for 2023 will reach $1.09 trillion, which is still below 2019’s total of $1.17 trillion. The total isn’t expected to exceed 2019 until 2025 when the association forecasts $1.18 trillion.
• More recent data from Tourism Economics reveals October 2023 travel spending increased almost 5% compared to October 2019 and through October had increased 4%. Total air passengers increased 1.1% through October.
• Tourism Economics analysis expects consumers to spend less on material goods and have more discretionary income for travel. Although the overall US economy is likely to be somewhat stagnant during 2024, the easing of inflation will allow more people to travel.

Download the PowerPoint Presentation and Word Document