The U.S. Travel Insights Dashboard

December travel data indicate that U.S. travel activity stabilized toward the end of 2025, with year-over-year declines narrowing relative to November across key indicators, including air passenger volumes, hotel demand, short-term rental demand and overseas arrivals. Several indicators nevertheless remained slightly below levels recorded in the same month last year. Compared with the sharper pullback observed in November, which was partly influenced by the federal government shutdown, December outcomes reflected a slower pace of decline and reduced volatility across major travel metrics.

Overall travel spending was effectively flat (down just 0.1%) year-over-year in December, slowing from the 1.8% year-over-year decline recorded in November. For the full year, travel spending increased slightly by 0.3%.

Several core travel indicators posted mixed year-over-year results in December, reflecting a broad moderation in the pace of decline compared with November:

• Air passenger volumes were essentially flat year-over-year in December, following a 0.7% year-over-year decline in November, and ended 2025 with growth of 0.3%.
• Hotel room demand declined 0.1% year-over-year, a smaller contraction than the 2.1% year-over-year decline observed in November and finished the year down 0.5%.
• Short-term rental demand declined 4.2% year-over-year in December, similar to the decline recorded in November. Despite recent monthly moderation, the segment grew 3.6% over the full year.
• Inbound overseas travel declined 1.3% year-over-year in December, slowing from a 3.5% year-over-year decline in November, and ended 2025 down 2.5%. Inbound visitation remains significantly below pre-pandemic levels.

Leisure and hospitality employment increased 1.1% year-over-year in December, while wage growth accelerated, reinforcing signs of labor market resilience as demand conditions stabilized.

Broader economic indicators were largely stable in December. Consumer spending continued to expand at a moderate pace, inflation pressures continued to ease and labor market conditions showed signs of gradual cooling. Consumer confidence and sentiment are mixed and remain at levels below historical means. Interest in travel remains strong even amid broader economic uncertainty.

U.S. Travel members have access to the exclusive U.S. Travel Insights Dashboard, the most comprehensive and centralized source for high-frequency intelligence on the U.S. travel industry and the broader economy. The platform, powered by Tourism Economics, is supported by approximately 20 data partners and tracks industry performance, travel volumes and predictive travel indicators to provide members with a detailed, interactive view of travel's recovery and performance.

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