The U.S. And Canada Travel Market size is expected to reach USD 2.29 billion by 2030, registering a CAGR of 10.3% over the forecast period, according to a new report by Grand View Research, Inc. Increased spending by travelers across the U.S. and Canada to visit unexplored destinations and gain new experiences is driving the market. In addition, the growing trend of micro trips and the rapidly expanding tourism sector across the two countries have been boosting the market growth. Personalized services, reliable transport, exclusivity, and positive & professional interaction with staff are what set the benchmark for travel.
Traveling
around the world is being greatly influenced by favorable factors, such as the
growing political stability, improving attitudes toward gender, ethnicity,
sexual orientation, and race, and more accommodating visa regulations.
Travelers are looking to create their own unique experiences through flexible
itineraries that combine entertainment as well as relaxation. There has been an
increasing popularity of value-driven trips that offer money’s worth and brands
that are based on price and convenience, especially among millennial and
younger travelers. However, travel has been one of the first and hardest-hit
industries since the COVID-19 pandemic.
Strict
lockdowns and shelter-at-home orders in most parts of the world have adversely
impacted the travel industry and the assorted ecosystems that rely on it. The
luxury travel segment accounted for the largest share in 2021. An increase in
disposable spending by consumers in the U.S. and Canada is the key factor
driving the segment growth. According to a report published by TripAdvisor in
May 2021, high-income millennials in the U.S. were the key spenders on luxury
trips and a majority of them took purpose-driven travels, mainly for self-care
and relaxation. Such trends are likely to bode well for the growth of this
segment.
Related Press
Release@ U.S. And Canada Travel Market Report
U.S. And Canada Travel Market Report Highlights
- U.S. emerged
as the largest market in the year 2021. This trend is expected to continue
over the forecast period as Americans are gradually resuming international
travel
- The budget
travel segment is likely to exhibit the fastest CAGR over the forecast
period
- The
penetration of budget-friendly travel trends among consumers across the
U.S. and Canada is likely to complement the segment growth
- The
millennial age group segment accounted for the largest share of the
overall revenue in 2021
- Value-driven
trips and brands that are built on affordability and convenience are
becoming increasingly popular, especially among millennial and younger
travelers, which is supporting the segment growth
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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