November 18, 2020
Travel spending in the U.S. is expected to finish the year 45% down from 2019 levels, according to recent figures released by the U.S. Travel Association. Further, the organization projects that travel spending will not return to pre-pandemic levels until 2024.
The firm’s 2020 projected travel spending figure of $617 billion is a large drop from the $1.13 trillion spent on travel in the U.S. overall in 2019. The numbers reflect a decline of 34% in domestic leisure travel spending but also reflects sharper drop-offs in the domestic business (55%) and international inbound (77%) markets.
Travel has been hit particularly hard by the ongoing COVID-19 pandemic and currently accounts for 33% of overall unemployment in the U.S. Approximately 40% of all direct travel jobs have gone away over the past seven months.
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