US Will Continue to Lose International Travel Market Share, Says Report
By Harvey Chipkin
The US will continue to fall behind in its market share of international travel for the foreseeable future, according to the latest forecast from the U.S. Travel Association. While global long-haul travel is projected to grow an average of 4.8% annually through 2023, according to the report, the pace of US growth will be just half of that – 2.4%. That gap will further diminish the US share of the total long-haul travel market to 10.4% by 2023 – continuing the steady slide from its previous high of 13.7% in 2015. Roger Dow, president, said that international inbound travel is the No. 2 US 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.” US Travel also projected soft growth in the normally strong domestic travel market, which the report forecasts will increase by just 1.4% in 2020, the slowest pace in four years.