Latest Research on Travel and Tourism in the US to 2018: Industry Size, Share, Trends, Growth and Forecast Report
Albany, NY (PRWEB) December 04, 2014 -- The US is the largest global market in terms of inbound tourist expenditure, which increased from US$119.3 billion in 2009 to US$170.9 billion in 2013, at a CAGR of 9.39%. Growth has been due to various international campaigns such as the Brand USA campaign and the promotional initiatives undertaken by the US in other countries such as Germany and Canada.
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Domestic tourism significantly dominates the overall tourism market in the US, representing 96.7% of the total trips in 2013. The number of domestic trips totaled 2.1 billion in 2013 and is projected to reach 2.2 billion in 2018. The growth of domestic tourism was supported by various state-level campaigns launched in 2013 and 2014 such as “Pure Michigan” and “Utah Mighty 5”. Domestic tourist expenditure is projected to grow at a CAGR of 5.45% over the forecast period, to reach US$945.4 billion in 2018.
The US recorded growth in international arrivals from emerging countries, particularly BRIC countries (Brazil, Russia, India, and China), during the historic period. Visitors from China increased from 880,400 in 2009 to 2.2 million in 2013. Similarly, visitors from Brazil increased from 892,600 in 2009 to 2.1 million in 2013, while visitors from India increased from 550,000 in 2009 to 860,000 in 2013 and visitors from Russia increased from 143,000 in 2009 to 322,000 in 2013.This increase was due to liberal visa procedures by the US and increasing disposable income in these countries.
From 2000 to 2014, air fares in the US declined by 8%, while taxes included in air ticket prices have increased by 49%. Similarly, tax rates have also been increased by other countries. For instance, the UK government increased its air passenger duty tax for long-haul premium travel from GBP92 per person in 2012 to a maximum of GBP188 per person in 2013. In addition, Spain increased its airport tax, on average, by 19%. These higher taxes are likely to be passed on to customers, which could negatively impact US airlines operating in those European markets.
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