Airport Experience® News - Food & Beverage Issue 2023

DATA CHECK

U.S. TRAVEL FORECAST - VOLUME, % OF 2019 LEVELS ACTUAL

Potential Policy Changes While the outlook is solid for travel throughout the United States, the U.S. Travel Association said attention to four key policy areas could accelerate growth across travel sectors: • Improve the overal l ai r travel experience through the Federal Av i a t i o n A d m i n i s t r a t i o n reauthorization bill. • Lower U.S. visitor visa interview wait times, which currently exceed an average of 500 days in top visa requiring inbound markets. • Reduce Customs wait times at U.S. airports and other ports of entry experiencing excessive delays. • Increase federal prioritization and focus on travel industry growth. “Travel is essential to growing the U.S. economy and workforce,” Freeman said, “so the federal government must enact policies to ensure our industry is able to meet demand in coming years. ”

FORECAST

2019

2020

2021

2022

2023

2024

2025

2026

Total # of trips

100%

67%

85%

96%

100%

104%

107%

110%

Domestic person-trips

100%

68%

87%

97%

100%

104%

107%

110%

Leisure

100%

76%

96%

101%

103%

106%

109%

111%

Business

100%

39%

54%

80%

89%

96%

101%

104%

Auto

100%

71%

89%

98%

100%

104%

107%

110%

Air

100%

42%

70%

92%

99%

104%

108%

110%

International Arrivals

100%

24%

28%

64%

84%

99%

110%

116%

Canada

100%

23%

12%

69%

104%

110%

118%

123%

Mexico

100%

37%

57%

68%

82%

100%

112%

118%

Overseas

100%

19%

23%

59%

75%

93%

106%

111%

U.S. Travel is expecting a surge in inbound international travel in the coming years, due in part to strong demand from the Canadian market, as well as stronger expectations from key overseas markets such as Brazil. Year-over-year, inbound travel volume

is projected to grow 31% in 2023 and 18% in 2024, while inf lation-adjusted spending is projected to grow 34% in 2023 and 19% in 2024. Volume in this sector is projected to recover by 2025, while inf lation-adjusted spending will not recover until 2026, the forecast said.

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7/24/23 2:59 PM

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