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.