Celebrating the Value Tourism Brings to Our Economy

National Travel and Tourism Week 2022

Tourism professionals in the U.S come together annually to recognize and celebrate National Travel and Tourism Week in the first week of May. Finally, travel, tourism, and the hospitality industries can start breathing in a sigh of relief. Ahhhh. Nearly after two years of nothing but challenges, a moment of happiness for those who have passionately persevered tireless working, waiting for the comeback of these industries. Good news, it’s happening! Travel is coming back and getting stronger every day. As the industry continues forward toward a full recovery, tourism industry professionals come together to celebrate the value travel brings “to our economy, business, communities, and personal wellbeing”.

With pent-up wanderlust leading the way for leisure travels quick return, corporate travel will make a slower, steadier comeback as more and more pandemic-related travel restrictions continue to subside. Travel industry groups and airlines are urging the Biden administration to drop Covid-19 testing requirements for inbound international travel. A move that many believe would greatly support a quicker full tourism recovery. International travel demand continues to lag domestic leisure. Inbound air travel to the U.S is not expected to recover until 2024, or later.

This year the travel and tourism contribution to the GDP has been predicted to rise by upwards of forty percent. This is estimated to be a $165 billion increase compared to the last two years. Revenue for the industry is expected to show an annual growth rate of about 10.5%, translating to a projected market value of $949 billion by the year 2026. For an industry that was shut down and took devastating blows, these numbers are confirmation that the travel, tourism, and hospitality industries are indeed getting back on their feet.