International inbound travel to the United States is forecasted to grow at 2.4 percent annually through 2023, which is half of the global travel rate of 4.8 percent, according to the U.S. Travel Association.
Also, the U.S. share of the total long-haul travel market will drop to 10.4 percent by 2023 from a high of 13.7 percent in 2015.
“International inbound travel is the No. two U.S. export, and making its pace of growth a national priority could be a difference-maker in helping to keep the country out of a recession,” Roger Dow, U.S. Travel Association president and CEO, said. “Right now, the country is not capturing the full economic potential of overseas travel, but there are some turnkey policy solutions that could help to address that—starting with congressional reauthorization of the Brand USA tourism marketing organization.”
The decline in inbound travel has resulted in 120,000 jobs lost and a $59 billion hit to the economy. Through 2023, the loss will total 130,000 jobs and $78 billion.
The domestic travel market is forecasted to grow 1.4 percent in 2020, according to the U.S. Travel report, the slowest pace in four years.
Domestic travel is ordinarily strong, and this could be indicative of an economic slowdown, the report stated.