On January 17, 2024 , U.S. Travel hosted a two-part webinar featuring a deep dive into our latest travel forecast and an overview of a new global competitive analysis report, conducted by Euromonitor...
The latest forecast shows that international inbound and domestic business travel are still far from a full recovery. Although international travel to the U.S. is increasing, it remains below pre-pandemic levels. Business travel is expected to grow in 2024 but at a slower pace. Domestic leisure growth slowed due to reduced consumer spending amid higher borrowing costs, tighter credit conditions and the restart of student loan repayments.
U.S. Travel's eye-opening study with Euromonitor found that the United States ranks second to last out of 18 top travel markets in terms of global competitiveness. Decades of underinvestment and a lack of federal focus caused the U.S. to fall behind, while other countries implement robust strategies to increase international visitation and grow economic output.
Developed by the U.S. Travel Association, the Travel Price Index (TPI) measures the one-month change in the cost of travel ("travel inflation") away from home in the United States on a seasonally adjusted basis and the 12-month change of the cost of travel away from home in the U.S. on a seasonally unadjusted basis. The TPI is released monthly and is directly comparable to the CPI.