There isn’t any doubt the COVID-19 pandemic took a heavy toll on the U.S. journey trade, however a restoration is at the moment underway.
Simply how a lot is the journey trade rising? What are the important thing tendencies and alternatives on this market?
The lately revealed report Journey Companies: United States by Freedonia Focus Reviews offers up-to-date journey trade statistics and professional insights that can assist you rapidly gauge the heart beat of the market and assess the affect of the pandemic, inflation, and rising gas prices on totally different market segments.
Primarily based on the report, listed here are seven key elements to know concerning the U.S. journey sector.
- Journey trade forecast: In 2022, U.S. journey service trade income is forecast to leap 11% from 2021 ranges. Wanting additional forward to 2026, U.S. journey service trade revenues are anticipated to rise at a extra average tempo of 5.6% per yr.
- Market drivers: The market is pushed by “cabin fever” and pent-up demand amongst leisure vacationers after the restrictions, delays, and cancellations related to the COVID-19 pandemic. Rising disposable private earnings ranges can even assist market development, and enterprise journey is anticipated to choose up as properly.
- Market challenges: Rising gas prices and inflation could hinder market development, particularly over the brief time period. As well as, the widespread use of teleconferencing and distant collaboration applied sciences could cut back or remove the necessity for enterprise journey for a lot of firms.
- Quick-growing classes: Journey service income from commissions is main the best way by way of development. This section contains conventional journey companies and on-line journey brokers similar to Expedia and Reserving Holdings, which make up as sizable share of trade income.
- U.S. journey tendencies: Instagram, TikTok, and the rise of journey vloggers on YouTube have helped intensify shopper curiosity in journey and pushed demand. As well as, as extra companies turn into geographically dispersed, the demand for enterprise journey could develop. Nevertheless, the necessity for enterprise journey will likely be tempered by the provision of Zoom and Microsoft Groups.
- Aggressive panorama: The U.S. journey trade is very fragmented and contains small unbiased companies and tour operators, in addition to massive worldwide firms. In 2019, 14,400 companies had been energetic within the U.S. journey companies trade.
- Main journey firms: High trade gamers embody Reserving Holdings (which operates Reserving.com, KAYAK, Priceline, and Rentalcars.com) and Expedia (which operates Expedia, Vrbo, Motels.com, Orbitz, Travelocity, ebooks, and trivago). One other prime firm contains Dwell Nation Leisure, the main distributor of tickets for stay leisure occasions via its Ticketmaster.com platform.
Journey Market Analysis Report
For extra U.S. journey market knowledge and evaluation, see the report Journey Companies: United States, which contains a user-friendly format with concise textual content and useful knowledge visualizations.
This 33-page report is just not solely fast to learn, however it’s additionally primarily based on a sturdy methodology and gives the nuanced perspective that solely professional analysts can present. The report covers the journey companies market surroundings, segmentation & forecasts, trade construction & traits, and market leaders.
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Concerning the Writer: Sarah Schmidt is a Managing Editor at MarketResearch.com, a number one supplier of worldwide market intelligence services and products.
