Published on : Saturday, April 19, 2014
According to a Reportbuyer.com report detailed market analysis, information and insights, including historic and forecast tourist volumes covering the entire US travel and tourism sector, detailed analysis of tourist spending patterns in the US, the total, direct and indirect tourism output generated by each category within the US travel and tourism sector,
employment and salary trends for various categories in the US travel and tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries and others, detailed market classification across each category, with analysis using similar metrics and detailed analysis of the airline, hotel, car rental and travel intermediaries industries were released The global economic downturn led to a deceleration in growth in the US travel and tourism sector in 2009, with a 3.30 per cent decline in domestic tourist volumes and a 5.27 per cent 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.
This report provides an extensive analysis related to tourism demands and flows in the US, it details historical values for the US tourism sector for 2008–2012, along with forecast figures for 2013–2017. It provides comprehensive analysis of travel and tourism demand factors with values for both the 2008–2012 review period and the 2013–2017 forecast period. The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in the US. It provides employment and salary trends for various categories of the travel and tourism sector. It provides comprehensive analysis of the trends in the airline, hotel, car rental and travel intermediaries industries with values for both the 2008–2012 review period and the 2013–2017 forecast period.
The report helps in taking strategic business decisions using historic and forecast market data related to the US travel and tourism sector.
Understand the demand-side dynamics within the US travel and tourism sector, along with key market trends and growth opportunities
Identify the spending patterns of domestic, inbound and outbound tourists by individual categories
Analyze key employment and compensation data related to the travel and tourism sector in the US 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.
Volatile fuel prices and the global economic downturn adversely affected the US aviation market. Despite declines in passenger traffic of 3.14% in 2008 and 5.17% in 2009, traffic volumes and industry revenue grew marginally at respective review-period CAGRs of 0.11% and 0.81%. Forecast-period growth in tourist volumes, low-cost carriers and air capacity are expected to contribute to increases in passenger traffic and total revenue.
The financial crisis adversely affected the US hotel market in 2009, with a 9.53% decline in revenue recorded.
However, total revenue increased from US$140.6 billion in 2008 to US$147.2 billion in 2012, at a review-period CAGR of 1.15%, driven by a recovery in tourist flows during 2011–2012. The US car rental market is highly consolidated, with the three largest car rental companies in the country – Hertz, Avis and Enterprise – collectively accounting for more than 90% of revenue in 2012.
Tags: tourism revenues, USA to relook into tourism revenues
|
||
   
|
||
