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 developments and alternatives on this market?
The lately revealed report Journey Providers: United States by Freedonia Focus Studies gives up-to-date journey trade statistics and professional insights that can assist you shortly gauge the heartbeat of the market and assess the affect of the pandemic, inflation, and rising gas prices on completely 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. Trying additional forward to 2026, U.S. journey service trade revenues are anticipated to rise at a extra average tempo of 5.6% per 12 months.
- 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 may also assist market development, and enterprise journey is predicted to choose up as nicely.
- Market challenges: Rising gas prices and inflation might hinder market development, particularly over the quick time period. As well as, the widespread use of teleconferencing and distant collaboration applied sciences might cut back or remove the necessity for enterprise journey for a lot of corporations.
- Quick-growing classes: Journey service income from commissions is main the way in which when it comes to development. This phase contains conventional journey businesses and on-line journey brokers equivalent to Expedia and Reserving Holdings, which make up as sizable share of trade income.
- U.S. journey developments: Instagram, TikTok, and the rise of journey vloggers on YouTube have helped intensify client curiosity in journey and pushed demand. As well as, as extra companies turn into geographically dispersed, the demand for enterprise journey might develop. Nonetheless, the necessity for enterprise journey might be tempered by the provision of Zoom and Microsoft Groups.
- Aggressive panorama: The U.S. journey trade is very fragmented and contains small unbiased businesses and tour operators, in addition to giant worldwide firms. In 2019, 14,400 corporations have been energetic within the U.S. journey companies trade.
- Main journey corporations: High trade gamers embody Reserving Holdings (which operates Reserving.com, KAYAK, Priceline, and Rentalcars.com) and Expedia (which operates Expedia, Vrbo, Resorts.com, Orbitz, Travelocity, ebooks, and trivago). One other prime firm contains Dwell Nation Leisure, the main distributor of tickets for dwell leisure occasions by its Ticketmaster.com platform.
Journey Market Analysis Report
For extra U.S. journey market information and evaluation, see the report Journey Providers: United States, which incorporates a user-friendly format with concise textual content and useful information visualizations.
This 33-page report just isn’t solely fast to learn, however it’s additionally primarily based on a sturdy methodology and provides 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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In regards to the Writer: Sarah Schmidt is a Managing Editor at MarketResearch.com, a number one supplier of world market intelligence services.