Global research travel company Phocuswright believes the US travel market should grow by a healthy 5% year-on-year in 2018, but those gains will start to slowly decline after 2019.
The company projected that momentum in the US travel industry should continue in 2019 before declining slowly through 2022. “By then, total gross bookings will have increased to USD441 billion,” says Phoscuswright.
Consumer confidence remained robust during 2018, and Phocuswright concludes that US airlines saw a jump of nearly 5% in passenger enplanements in the first half of 2018 while hotels posted record breaking performance in the first two quarters of the year.
But economic and travel results were more mixed during second half of 2018. “A volatile stock market to end the year in negative territory, the ongoing US-China trade war, and a sputtering global economy have many travel executives fearing a looming economic slowdown,” Phocuswright states “But for now, the travel industry is enjoying another year of solid gains.”
Online travel growth in the US continues to outpace the overall market, according to Phocuswright research, and that trend should continue until at least 2022. Even as supplier websites are interestingly projected to grow somewhat faster than online travel agencies (OTAs) in 2018, the overall online balance between suppliers and intermediaries will remain unchanged through 2022.
More Like this
- Travel is an experience and the activities market in the US now has an estimated worth of USD34 billionMarch 20, 2019
- American leisure travel and vacation trends are moving in a positive direction, but trade uncertainty clouds the pictureJuly 11, 2018
- Technology leads to changes in traveller trends – Lyft helps Delta reach its goal to transform its app and lodging leads the way for US OTA bookingsMarch 13, 2020
- New research by Phocuswright offers insight into US leisure travel trends August 15, 2018
- Phocuswright: Agents continue to hold an important place in the US travel ecosystemDecember 6, 2018
- Uncommitted travellers should be a key target for destination marketing organisations, claims PhocuswrightJune 28, 2018
- Travel suppliers need an element of caution in deploying an expanding use of biometricsJanuary 30, 2020
- American cites some worry over US domestic underperformance, tweaks basic economy offerings July 31, 2018
- Phocuswright: Private accommodation providers should target millennials that now have families November 13, 2018
- US OTAs are seeking inroads into Asia Pacific, expanding into the activities market and determining the value of voice technologyFebruary 12, 2019
- Booking and KAYAK interweave while Expedia and Booking remain industry titansJune 6, 2019
- Metasearch is increasingly delivering ‘visibility’ and ‘direct bookings’ to independent properties, but third-party dependence and tech-adoption remain hurdlesJanuary 23, 2019