The pandemic hit the travel industry especially hard during 2020.
The U.S. travel industry’s total economic output plummeted 42% in 2020. A full 65% of all jobs lost in the United States were those supported by the travel industry. Perhaps unsurprisingly, the hardest-hit areas were business travel, particularly spending related to conferences, conventions, and trade shows, as well as international travel.
Federal, state, and local government coffers were also strained, as travel-related taxes fell by 34%.
Total travel spending in the United States, accounting for both domestic and international travelers, is expected to rise by 23.6% in 2021.
Prepared by Broadridge Advisor Solutions Copyright 2021.