The COVID-19 has caused colossal damage to the US travel industry, grounding airlines, emptying hotels, and stopping most business and leisure travel for months. Although hotels and resorts implemented increased safety and sanitation measures and cautiously reopened within the last half of 2020, the pandemic’s second wave brought a replacement hit to businesses operating within the sector.
According to the newest data, US travel agencies and tour operators are expected to get $63.5bn in revenue in 2021, $530 million but in 2019.
Before the pandemic, the US travel agencies and tour operators market witnessed impressive growth, with revenues rising from $42.6bn in 2012 to $64bn in 2019.
Statistics show that almost 80 million international tourists visited the us that year, with the most important influx or almost 48 million visitors from America. the entire spending by domestic and international travelers within the United States, including travel-related expenses, lodging, meals, and entertainment hit $1.12trn an equivalent year, up from $1.08trn in 2018.
However, the COVID-19 triggered the most important market contraction in history. With thousands of canceled vacations, closed hotels, and travel restrictions in situ, travel agencies and tour operators’ revenues dipped by $2.4bn in 2020.
Although this figure is predicted to rise to $63.5bn in 2021, the recovery of the whole travel and tourism industry within the us will last for years.
The data show revenues of the whole sector are forecast to grow by 60% YoY to $104.5bn in 2021, still $40bn but in 2019. the complete recovery to pre-COVID-19 levels is predicted to last for subsequent two years, with the US travel and tourism industry reaching $151.7bn value by 2023.