The travel market remains strong as tourism spending by both Americans and international travelers grew by 8% from 2011-16 to reach an estimated $944.2 billion. The market is forecast to grow by an additional 20% over the next five years, to surpass $1 trillion by 2021. While transportation accounts for about four in 10 dollars, costs have declined due to low fuel prices, and travelers have reallocated funds toward accommodations, food drinking places, and entertainment and recreation, all of which drive market increases. As travel – particularly leisure travel – is often a discretionary expense, the future of the travel market will rely on the strength of economic conditions.
This report examines the following issues:
Majority of domestic vacationers stay within region Lower-income regions are most limited by their vacation budgets Older adults have fewer vacation interests Women are less likely to vacation solo