US travel recovery outpacing global benchmark
Latest research from the World Travel & Tourism Council (WTTC) reveals the US Travel and Tourism sector could swell by 35.6% in 2021, well ahead of this year’s overall global tourism recovery.
The outlook is even rosier for 2022, with the travel sector expected to grow by another 28.4%, reaching nearly $2 trillion of the U.S. economy.
This exceeds pre-pandemic levels.
By comparison, in 2019, US tourism’s contribution to GDP represented nearly $1.9 trillion (8.6% of the US economy).
However, in 2020, when the pandemic brought international travel to an almost complete standstill, the contribution to the sector dropped 41% to just $1.1 trillion.
The nation’s economy has benefited from a rise in domestic travel, with spending set to increase 40.4% in 2021, WTTC says.
A further year-over-year rise of 22.9% is expected in 2022.
Although international spending by travellers in the US is set to grow by a mere 1.9% this year due to prolonged travel restrictions throughout the year, recent changes to international travel restrictions will provide a significant year-over-year boost of almost 228% in 2022,.
After the US travel sector’s loss of more than 5.5 million jobs last year, employment is set to rise by 26.2% in 2021, representing an increase of 2.9 million jobs and total contribution of nearly 14 million jobs.
"Our research shows that while the global travel and tourism sector is slowly beginning to recover, the US is recovering faster than many other regions," said Julia Simpson, WTTC President and CEO.
"Last year, the pandemic decimated more than five million travel jobs across the US however due to a predicted rise in international and domestic spend this year and next, both jobs and GDP are on the rise."
Simpson added: "The US opening its borders and easing restrictions to major source markets such as the UK and the EU will provide a massive boost to economies on both sides of the Atlantic."
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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