The percentage of Americans traveling for one or more summer holiday weekends has increased from 67% in 2022 to 80% in 2023, with 54% of travelers going somewhere for the Fourth of July holiday weekend, 49% going somewhere for Memorial Day, and 41% traveling for Labor Day weekend.
Indeed, the World Travel & Tourism Council (WTTC) forecasts that the global travel and tourism sector will reach US$9.5 trillion in 2023 — just 5% below 2019 pre-pandemic levels. The positive summer travel outlook is echoed by data from J.P. Morgan Research.
We've upgraded our 2023 inbound tourism forecast. Visits overall to the UK this year are now forecast to be 37.5 million, 92% of 2019 levels and inbound visitor spending £30.9 billion, up 9%. See the statement from our CEO Patricia Yates below and the full revised forecast here.
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.
Advisors have shared in the TMR Europe Trends Outlook 2023 that most clients want to experience urban centers and small towns or the countryside in Europe. Experiences such as camping trips and amusement parks, have a lower preference as these are also available in the US and Canada.
Revenue in the Travel & Tourism market is projected to reach US$854.70bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 4.42%, resulting in a projected market volume of US$1,016.00bn by 2027.