Fast Market Research recommends "Travel and Tourism in the US to 2017" from Timetric, now available
Boston, MA -- (SBWIRE) -- 01/01/2014 -- The global economic downturn led to a deceleration in growth in the US travel and tourism sector in 2009, with a 3.30% decline in domestic tourist volumes and a 5.27% decline in inbound tourist volumes. However, economic recovery in 2010 resulted in a return to growth in both markets, enabling the sector to register positive growth during the review period. Stable economic growth, increasing business activities, increased government expenditure on tourism and initiatives to promote tourism will be the key growth drivers over the forecast period.
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- Based on Timetric's current forecast, real GDP in the US is expected to grow by 2.1% in 2013 before strengthening to 3.0% in 2014, fuelled by growth in investment and exports on the back of recovery in global demand. Timetric expects the economy to post an average growth of 2.8% between 2015 and 2017, led by robust domestic demand and improved exports.
- According to the United Nations World Tourism Organization (UNWTO, the US received the second-highest volume of inbound tourist arrivals in the world in 2012, with 66.6 million inbound tourist arrivals in the country. In addition to that, the US was the number one destination in terms of tourist expenditure, which amounted to US$160.29 billion in 2012.
- The number of domestic trips in the US increased from 1.96 billion in 2008 to 2.03 billion in 2012, at a review-period CAGR of 0.82%. Over the forecast period, the number of domestic trips is set to grow at a CAGR of 1.58% to reach 2.19 billion by 2017, driven by improved consumer confidence, rising employment rates, the willingness of high-net-worth individuals to invest in travel and tourism, mobile applications and an increase in business travel.
- Emerging economies are expected to fuel forecast-period growth in inbound tourist volumes. According to data published by the U.S Department of Commerce, the countries with the largest increase in tourist volumes in 2012 were China (35%), Colombia (21%), Venezuela and Argentina (20%), and Brazil (19%).
- In terms of total outbound tourism expenditure, the US was ranked third in the world by UNWTO 2013 report, after China and Germany, making it a prime target for tourist boards. Improved economic conditions, an increase in business activities, the easing unemployment rate, improving consumer confidence and better access to travel services at competitive prices drove growth in inbound tourism. The increasing strength of the US dollar has also made travel cheaper for American travelers.
Companies Mentioned in this Report: Delta Air Lines, Inc., United Airlines, Inc., Southwest Airlines Co., American Airlines, Inc., US Airways Group, Inc., St. Regis Hotels and Resorts, Trump Hotel Collection, Hilton Worldwide, Inc., Marriott International, Inc., The Hertz Corporation, Enterprise Rent-A-Car Company, Avis Rent A Car System, LLC, National Car Rental - US, Budget Rent A Car System, Inc., Expedia, Inc., Carlson Wagonlit Travel, Travelocity.com LP, Priceline.com, Inc.
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