U.S. Tourism Destination Market Insights (2019-2023): Domestic & International Tourism Forecast to Increase by 1.8% & 2.7%, Respectively


Dublin, July 30, 2019 (GLOBE NEWSWIRE) -- The "Tourism Destination Market Insights: United States - Analysis of Source Markets, Infrastructure and Attractions, and Risks and Opportunities" report has been added to ResearchAndMarkets.com's offering.

Tourism Destination Market Insights: United States uses state and national focused analysis to explore inbound tourist markets, infrastructure and attractions, as well as risks and opportunities. The report provides clear insight into current and future tourism developments in the region.

The US will have 1,067 luxury hotels by the end of 2019. This is expected to increase to 1,123 by 2022, at a compound annual growth rate (CAGR) of 1.7%, driven by increasing numbers of Chinese tourists.

Chinese tourists are a high spending source market and their visitation numbers to the US have been growing rapidly in recent years. A CAGR of 8.7% was recorded in Chinese visitation to the US between 2014 and 2018, and luxury hotels such as Four Seasons state that China is their second-largest source market. Revenue from Chinese travelers has increased steadily for the company, with double-digit growth in revenue in recent years.

The average spends per inbound tourist in the US is expected to carry on its upward trend. From 2016 to 2018, average expenditure has risen at a CAGR of 3.2% from US$2,534 to US$2,700. This increase in average expenditure is creating a rising demand for luxury services whilst on vacation, especially in the accommodation sector.

Luxury hotels are now being constructed in up-and-coming areas which may not necessarily be located in tourist hotspots - Nobu and the Hoxton will both open their doors in 2019 in Chicago. Both hotels are situated in the meatpacking district, a gritty, industrial area which is undergoing a rapid transformation. Hotels opening in up-and-coming areas away from city centers will help to reduce the effects of overtourism and are more socially sustainable.

An increasing number of downtown areas in major cities within the US are being gentrified in order to increase capacity, attract higher spending market segments, attract further investment in to the city and improve the overall brand image of the destination. An example of successful gentrification would be Industrial Way in Buellton, California. Industrial Way was for years a collection of warehouses and light manufacturing buildings. In recent years, developers have added restaurants, breweries and distilleries to the area and it is now a popular destination for wine tasting.

Luxury hotels opening in once industrial or downtown areas within large cities will be a continuing trend. Luxury consumers are moving away from standardization as the millennial market grows in size. Old industrial and downtown areas within cities often provide a vibrant mix of architecture, culture and are often non-commercial. This gives these areas an alternative image, which attracts younger market segments.

The report states that although this growth is not expansive, it showcases the gradually increasing demand from international and domestic source markets for more luxurious offerings within the US.

Select Highlights

  • Inbound and domestic tourism numbers are continually set to increase annually in the US. Domestically, tourism numbers are forecast to increase by 1.8% between 2019 and 2023 and internationally by 2.7% within these years.
  • There are currently 125 tourism related construction projects being executed in the US that are equal to, or over US$1bn.
  • Japan, the UK and especially China are becoming major source markets for the US. Between 2019 and 2023, the author expects a CAGR of 7.7% in Chinese visitation to the US.
  • Florida was the most visited state in the US in 2018. It welcomed 124.7 million visitors, marking the eighth consecutive record year for the state.

Reasons to Buy

  • Obtain a clear and detailed insight into new developments in popular, well-established and upcoming tourist destinations.
  • Use data and analysis to explore future trends related to international arrivals, airlines, niche tourism, and hotel developments.
  • Gain a strong understanding of the opportunities in the market, as well as the risks, to support better business decisions.

Companies Mentioned

  • Southwest Airlines
  • American Airlines
  • Delta
  • Hyatt
  • United Airlines
  • Lufthansa
  • Singapore Airlines
  • Virgin Atlantic
  • Bellagio (MGM Resorts)
  • Airbnb

Key Topics Covered

  1. Overview
  2. Snapshot
  3. Key Trends
  4. New Developments
  5. Source Markets
  6. New Projects
  7. New International Flights
  8. Types of Tourism
  9. Sports Tourism
  10. Health & Wellness Tourism
  11. Landmark Tourism
  12. State Focus: Florida
  13. State Focus: Nevada
  14. State Focus: Texas
  15. Regional Risk & SWOT Analysis
  16. Regional Risk
  17. SWOT Analysis
  18. Strengths
  19. Weaknesses
  20. Opportunities
  21. Threats
  22. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/tt4hkh

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