The United States Travel and Tourism industry is in deep trouble. Brand USA today updated the US travel and tourism industry about the latest trends due to the COVID-19 outbreak.
International visits to the United States are expected to drop by 50 million and spending is forecast to fall 75% this year.
Border closures, ongoing reluctance to travel internationally, and the residual effects of the global economic recession will weigh heavily on international markets over the next several years.
According to research by Oxford Economics it will take 5 years for the travel and tourism industry to go back to “normal.” Many say this “normal” may not be the same normal in 2019
By the end, of2023 international visits to the US will remain 7% below 2019 levels. The spending on international visitors in the US is expected to still be 17% below 2019 levels in 2023, despite strong growth beginning in 2021 after COVID-19
Domestic travel spending will fully recover to 2019 levels in 2024, however, losses will accrue to $620 billion through 2023. International markets will represent more than one-third of all losses through the forecast horizon.
Brand USA today released a result of a study on the expected future for US Tourism after COVID-19