Getting Back to Normal
When Will Things Get Back To Normal?
I’m Tired
That is the $3.8 trillion dollar travel question and one I am going to answer with the best data I could find. As I’ve said before, our industry moves when travel moves. We need to make our plans for our future based on sound facts. On July 16, the USTA released their U.S travel forecast report which spans the next three years. The USTA worked in cooperation with the Tourism Economics, Department of Labor and the Department of Commerce to compile this information. It’s the best insight for our future that’s available.
The burning questions:
Where were we before the pandemic? Total travel spending in 2019 was up 3.5% from 2018. There were 462 million business trips and 1.86 billion leisure trips taken last year.
Where are we now? Total travel spending this year fell by almost 45%. The total number of business trips is expected to be 300 million and leisure trips to land at 1.33 billion by the end of this year, a massive drop year over year as we all know.
How about next year? Total travel spending in the U.S. for 2021 is expected to increase by 37.5%. That a BIG recovery but it’s still 7.5% short of breaking even with pre-pandemic figures. Business trips are expected to come in close to 400 million, a substantial gain year over year. Leisure trips in 2021 are projected at nearly 1.7 billion.
And beyond? 2022 travel revenue is forecasted to increase by more than 14% from 2021, which will mean a 7% gain in revenues compared to pre-pandemic levels (2019). The number of business trips is expected to grow to 387 million and leisure trips will increase year over year by 173 million personal trips.
More helpful information:
Overnight trips make a full recovery by next year.
Day trips recover by 23% next year.
Air travel, down 57% this year, will make a full recovery in 2021.
Total international visitors to the US this year fell by 63% but will fully rebound in 2021 +6%.
Next week on GCLA – TV I invite you to watch a 15-minute interview with Neil Hammond, partner at GoldSpring Consulting, a premiere data-driven firm specializing in business travel strategy. Neil’s insights are worthwhile and very helpful to planning for your business recovery.
I know you’re tired but just look in the rearview mirror and you will see that you have survived 5 months. You can do cross this finish line! As our expert will tell you next week, the worst is over. We are inching forward and the GCLA leadership team is doing everything in its power to pave the way of recovery for you. If you have not yet joined our GCLA community, please go to www.gcla.org and support us. The cost of membership is less than a Dunkin Donut snack and a coffee! We depend totally on donations, sponsorships and membership revenue and need YOU to help us continue to help YOU.
Stay Safe and Strong,
Sara Eastwood-Richardson
