Source: Hotel News Resource
June 18, 2020
Total travel spending in the U.S. is predicted to drop 45% by the end of this year, spurring renewed calls for federal measures to support the industry that was one of the top U.S. employers and exporters prior to the pandemic.
According to a forecast prepared for the U.S. Travel Association by Tourism Economics, domestic travel spending is forecast to drop 40% (from $972 billion in 2019 to $583 billion in 2020) while international inbound spending is expected to freefall a whopping 75% ($155 billion to $39 billion).
Total domestic trips taken by U.S. residents are expected to fall 30% from last year to 1.6 billion—the lowest figure since 1991, another recession year.
