tourism economics
U.S. Travel Forecast: All Sectors Projected to Surge in Short Term, but Headwinds Are on Horizon
U.S. Travel Association | June 22, 2022
WASHINGTON (June 22, 2022)—Days after the United States repealed its Covid-19 testing requirement for inbound air travelers, U.S. Travel Association released its full biannual forecast for travel through 2026—including both travel spending and volume—which projects that all segments of travel, in spite of rising inflation, will surge in the short term due to pent-up demand and consumer savings. However, this is not expected to last, leading to slower growth in the later years of the forecast. The international component of the forecast was released earlier this month at the association’s IPW trade show. U.S. Travel estimates th...
STR, TE Upgrade Forecast to Full U.S. RevPAR Recovery in 2022
STR | June 6, 2022
NEW YORK—STR and Tourism Economics have upgraded the recovery timeline for U.S. hotel revenue per available room (RevPAR). On a nominal basis, the metric is now expected to surpass 2019 levels in 2022, according to the latest forecast just presented at the 44th Annual NYU International Hospitality Industry Investment Conference. The major factor in the revised timeline was a +$11 adjustment in 2022 average daily rate (ADR). Occupancy for the year is projected to come in under the pre-pandemic comparable, while ADR and RevPAR are forecasted at $14 and $6 higher than 2019, respectively. Previous versions of the forecast projected nomi...
Survey: 84% of Business Travelers Expect to Attend Conferences, Conventions or Trade Shows in Next Six Months
U.S. Travel | April 7, 2022
WASHINGTON — April 7, 2022 — Key findings from a new survey reveal that 84% of business travelers expect to take at least one trip to attend conferences, conventions or trade shows in the next six months. The Quarterly Business Travel Tracker also revealed that, while less than one in 10 U.S. business travelers are uncertain if they would travel in the next six months, the top reason for uncertainty was that meetings and events are not occurring. Corporate policies restricting business travel was the second-highest reason for uncertainty. Business travelers also expect to resume traveling at a slightly slower pace compared to pre-pan...
STR, TE Slightly Upgrade Latest U.S. Hotel Forecast
STR | January 25, 2022
LOS ANGELES, CA — January 25, 2022 — Underpinned by continued strengthening in average daily rate (ADR), STR and Tourism Economics have slightly upgraded the U.S. hotel forecast, just released at the Americas Lodging Investment Summit (ALIS). The timeline for recovery remains mostly the same from the previous version of the forecast released in November. On a nominal basis, ADR is expected to surpass the pre-pandemic comparable this year, while revenue per available room (RevPAR) is anticipated to exceed 2019 levels in 2023. When adjusted for inflation, however, full recovery of ADR and RevPAR are not projected until after 2025. Oc...
Travel Industry to Congress: Enact Urgent Policies to Restore Travel Demand
U.S. Travel Association | January 20, 2022
WASHINGTON — January 20, 2022 — More than 600 travel industry members—representative of all 50 states, the District of Columbia, Puerto Rico and Guam—signed a letter to congressional leadership urging immediate action on near-term federal policies to restore and grow the U.S. travel industry. The letter was delivered by the U.S. Travel Association to lawmakers today. The letter details measures that are specifically aimed at reviving the domestic business travel and international inbound travel sectors, which continue to struggle to rebound. Early estimates from Tourism Economics indicate that international travel spending was a...
Forecast: U.S. Hotel Demand and ADR Will Near Full Recovery in 2022
STR | November 8, 2021
NEW YORK — November 8, 2021 — U.S. hotel demand as well as average daily rate (ADR) on a nominal basis will near full recovery in 2022, according to the upgraded forecast just released by STR and Tourism Economics at the 43rd Annual NYU International Hospitality Industry Investment Conference. Additionally, revenue per available room (RevPAR) on a nominal basis is projected to be fully recovered in 2023. “We have essentially moved up the top-line recovery timeline by one year, with the caveat that improved RevPAR projections are largely due to ADR,” said Amanda Hite, STR’s president. “ADR has risen more rapidly than we expected...
STR & TE Lift 2021 U.S. Hotel Forecast, Lessen Growth Projections for 2022
STR | August 12, 2021
NASHVILLE — August 12, 2021 —Just released at the 13th Annual Hotel Data Conference, STR and Tourism Economics have upgraded the U.S. hotel forecast for 2021 as a whole and lessened growth projections for 2022. Additionally, full recovery of demand remains on the same timeline for 2023, while revenue per available room (RevPAR) is projected to surpass 2019 levels in 2024. “Rather than improved expectations for the coming months, our upward revision for 2021 more reflects the surge in demand that has already occurred as well as room rates hitting an all-time high on a nominal basis,” said Amanda Hite, STR’s president. “As we h...
STR, TE Upgrade Latest U.S. Hotel Forecast
STR | May 11, 2021
ATLANTA — May 11, 2021 — Underpinned by stronger-than-expected demand during Q1, STR and Tourism Economics upgraded the latest U.S. hotel forecast just released at the Hunter Hotel Investment Conference. Even with 2021 projections higher, full recovery of demand remains on the same timeline for 2023, while close-to-complete recovery of revenue per available room (RevPAR) is still projected for 2024. “The next stage of the U.S. travel recovery has commenced,” said Adam Sacks, Tourism Economics president. “An effective vaccine rollout and generous fiscal stimulus will drive the fastest single-year economic expansion in nearly 40 ...
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