What is the hotel occupancy trend in 2023?

TROY, Michigan—With average U.S. hotel occupancy on track to reach 63.8 percent in 2023, just shy of the pre-pandemic level of 65.9 percent, business and leisure travelers are packing into hotels throughout North America for a second consecutive year.



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According to estimates from AAA, international travel bookings for 2023 were up 40 percent from 2022 through May. That is still down about 2 percent from 2019, but it's a hefty surge at a time when some travelers are being held back by long passport processing delays amid record-high applications.

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We forecast that real GDP will grow by 2.2 percent in 2023, and then fall to 0.8 percent in 2024. US consumer spending has held up remarkably well this year despite elevated inflation and higher interest rates.

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Trends in Travel There will likely be a preference for visiting less-crowded destinations in 2023. This is partly due to COVID-19 concerns, but perhaps also due to a growing desire to have a unique experience. Travelers are opting for small group adventure travel, like AAA Club Adventures.

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The IMF's report highlighted that Guyana's agriculture, mining and quarrying sectors are also performing well. Trahan forecasts that the country will be the fastest-growing economy in the world in 2023 again, and expects it to retain the title for at least the next two years.

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The cost of lodging away from home was 5% more in June 2023 versus June 2022, and up 15% since 2019. The cost of entertainment and dining out are also slowly increasing. According to NerdWallet's Travel Price Index, the overall cost of travel is up 14% compared with June 2019 and down 3% versus the same month in 2022.

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