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Economic Headwinds to Slow U.S. Domestic Travel for
2008 and 2009
Global Insight's U.S. Travel Insights forecasts real GDP to decline for three consecutive quarters, beginning with the third quarter of 2008. How will this affect domestic travel and international arrivals?
U.S. Travel Insights combines econometric models of U.S. domestic travel and U.S. international arrivals for business and pleasure with travel volumes and spending data from D.K. Shifflet & Associates, as well as the U.S. Department of Commerce's Office of Travel and Tourism Industries, to forecast total U.S. domestic trips, international arrivals, and visitor spending.
The U.S. economy continues to struggle, and domestic travel is struggling along with it. Consumer spending was supported in the first half of the year by the economic-stimulus package and, more recently, by easing food and oil prices. However, domestic travel contracted in the first half of the year. Both business and leisure trips declined, but business bore the brunt of the decline, dragging overall growth negative in both quarters.
Free offerings:
Executive Summary - Q3 2008
Press Release - Q3 2008
More details:
U.S. Travel & Tourism Services
For more information, contact:
Kenneth McGill
Managing Director, Global Insight Travel & Tourism Group
+1 610.490.2644
ken.mcgill@globalinsight.com
Jennifer Fuller
Principal, Travel & Tourism Group
+1 781.301.9126
jennifer.fuller@globalinsight.com
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