What
The U.S. Travel Association’s latest Travel Trends Index predicts a slowdown in the growth of both international and domestic travel, due to circumstances such as trade tensions, erratic financial markets and a dwindling of business and consumer confidence.
Why It Matters
The U.S. travel industry generates $2.5 trillion in total economic output, and a deceleration in its growth has the potential to stunt the country’s overall share of the global travel market. Advisors are some of the industry’s biggest advocates, so now — more than ever — they should consider increasing their marketing and spreading the word about the benefits of travel.
Fast Facts
- Travel to and within the U.S. grew 3.2% year-over-year in February, according to the report.
- Though international inbound travel grew for the ninth consecutive month, the segment grew only 1.4% in February.
- Domestic travel increased 2.8% year-over-year in February, with growth in both the business and leisure travel segments.
- Domestic business travel outpaced the leisure segment for the first time since October 2018. However, leisure travel growth fell slightly below its six-month moving average with a 2.6% growth rate.
- Domestic and international inbound travel are both projected to grow in the future, but at a moderate pace.
- Travel economics advise that this decelerated growth will make it even more difficult for the U.S. to regain its diminishing share of the global international travel market.
What They Are Saying
"Growth is expected to decelerate in the case of domestic travel while international inbound travel is projected to remain soft. This is consistent with an expectation of stable-yet-moderating economic growth both in the U.S. and globally."
The Details
U.S. Travel Association
www.ustravel.org