Sunday, 3 June 2012

Travel Industry – Statistics and Impacts on the US Economy

June 3, 2012

Travel Industry

When it comes to industries in the US, every sector generates massive economic benefits. The US travel industry is no exception, approaching $2 Trillion in economic benefits generated from this industry. The US Travel Association has developed great fact sheets illustrating the huge impact this industry has on the US economy.

Interesting to note on the travel industry:

$759 Billion in travel expenditures
An estimated $118 Billion in taxes generated from travel industry
Over 14 Million jobs are supported; two-thirds of jobs in leisure travel sector

For those entrepreneurs in tourism and travel interested in the top sources of travel spending:

Food Services: $189 Billion
Public Transportation: $140 Billion
Accommodations: $136 Billion

Travel Industry – Leisure Travel

US statistics from 2010, showed domestic and international travelers spent $526 Billion, generating a tax base of $82 Billion. Targeting the domestic travelers, the majority of trips (77%) are for leisure purposes. From the US Travel Association surveys, top leisure travel itineraries include visiting family and friends, travel for shopping and hitting recreational spots.

Tourism and travel businesses may develop and craft their business and marketing plans around such important survey information.

Travel Industry – Business Travel

Business travel represents a significant share of the overall travel industry, at approximately $233 Billion and over 2 Million in jobs in 2010. It’s staggering to see the 448 Million trips logged by US residents for business. Another statistic of interest is the fact business travel acts as a catalyst for other business revenue, with an estimated $12.50 in additional revenue to businesses with every dollar spent on business travel.

Additional Blogs and articles:

Tourism Industry – 2012 US Travel Outlook Favorable
Economic Indicators – Residential Construction and Sales Showing Positive Signs
Business Trends – Small Business Optimism Index on the Rise

Travel:

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur

Saturday, 2 June 2012

Tourism Industry – 2012 US Travel Outlook Favorable

Strategy Plan One

June 2, 2012

Tourism Industry

As we head into the busy summer tourism season, many businesses and entrepreneurs will be zoning in on forecasts and hoping for a favorable, profitable tourism season. Many economic indicators of the recent months are showing signs of positive economic recovery. The recent decline in oil and gas prices, if prices hold steady over the summer, will definitely build into stronger tourism economics.

US Travel Association – Tourism, Travel Information and Forecasts

The US Travel Association, a National organization providing support to businesses in the travel and tourism industry in the US, has provided the following travel forecast. For 2012, the Association has projected 3.2% growth for expenditures in the sector, and positive growth for both domestic and international visitor travel expenditures (3.0 and 4.7% respectively). Trends also look favorable for the 2013 and 2014 tourism seasons.

The following information was extrapolated from the Association’s recent survey reports:

64% of US adults are planning leisure travel from April – October 2012
154 Million US adults plan to take at least one leisure trip this year
Business travel has been forecasted to increase by 4.6% to $265-270 Billion
65.4 Million international travelers will visit the United States in 2012

Tourism and travel businesses should sharpen their strategic and business plans to reflect global travel trends… the next few years look favorable if the forecasts play out.

Here are some other blogs on recent economic indicators and business opportunities:

London Olympics – Statistics and Business Opportunities
Economic Indicators – Residential Construction and Sales
Business Trends – Small Business Optimism Index on the Rise

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for the entrepreneur