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United States of America (USA) Source Tourism Insight Report including International Departures

Category : Business 2 days ago

GlobalData’s United States of America (USA) Source Tourism Insight Report including International Departures, Domestic Trips, Key Destinations, Trends, Tourist Profiles, Analysis of Consumer Survey Responses, Spend Analysis, Risks and Future Opportunities, 2021 Update report provides a thorough insight into the United States' domestic and outbound tourism market. The report looks at the profiles of US tourists and summarizes the key reasons why they travel. The report offers an in-depth analysis of traveler flows, spending patterns, main destination markets, and current and future opportunities for tourism businesses seeking to tap into the US source market. Key Highlights - According to GlobalData’s Q2 2022 Consumer Survey, 40% of US tourists stated they were ‘extremely concerned’ about the impact of inflation on their household budget, which was four percentage points more than the global average. This extreme concern could result in some US travelers swapping international trips for domestic trips, if they know it will cost significantly less. In July 2022, official figures showed the US economy had shrunk in two consecutive quarters, this news of a recession will likely impact traveler confidence and could force a segment of the market in middle and lower socio-economic classes to cancel upcoming plans regarding international trips. - In terms of the US economy, inflation increased to a four-decade high in June, strengthening the need for interest rates to be increased, which risks hampering economic expansion. The Federal Reserve has started to increase interest rates and may do so further. More expensive credit will likely impact consumer spending negatively as people become concerned about the bill they will ultimately have to pay back, and some people may even be refused or offered reduced credit. While inflation could negatively impact travel demand, its currency exchange rate could do the opposite. The euro recently hit parity with the US dollar. Americans traveling to Eurozone countries have been getting a 15% discount on purchases in July 2022 relative to a year earlier. This significant discount will increase demand for US trips to popular destinations in Europe. - In 2021, international departures stood at 35.9% of pre-pandemic (2019) levels. In 2022, this percentage is forecast to grow to 69.1%, showcasing that demand for outbound travel is continuing to grow in the US. The US source market is not just flocking to neighboring countries such as Mexico in 2022, it is also visiting in Europe in great numbers. Tourist spending in Italy is expected to receive a significant boost in 2022 thanks to US travelers. A report from the retailers’ association Comfcommercio shows that with 2.2 million US visitors expected to visit Italy between July and September 2022, expenditure from this market may amount to EUR2.1 billion ($2.1 billion) in this period, which would be 20 percent more than over the same length of time in 2019.