U.S. & Canada Travel Market Size, Share, Growth Analysis, By Age Group(Luxury, Business Travel) - Industry Forecast 2024-2031

US & Canada Travel Market size was valued at USD 1052.84 billion in 2022 and is poised to grow from USD 1163.39 billion in 2023 to USD 2585.97 billion by 2031, at a CAGR of 10.5% during the forecast period (2024-2031).

Travelers are searching for flexible itineraries that combine leisure and entertainment so they may design their own unique experiences. Value-driven travel that offers excellent value for the money and businesses that put price and convenience first have grown in popularity, particularly with younger and millennial tourists. According to estimates from the U.S. Travel Association, overall travel expenditures in the United States in February 2023 were $93 billion, up 5% from 2019 and 9% from 2022. The growing numbers of middle-class and millennial tourists will support the market's expansion.

Travel abroad is significantly impacted by favorable shifts in perceptions of gender, race, ethnicity, sexual orientation, and political stability as well as more accommodating visa requirements. The trip standard is established by the products, trustworthy transportation, exclusivity, and cordial yet professional staff interactions. The government's stepped-up attempts to inject cash into the economy and support various businesses in launching new ventures will help the U.S. and Canada. The growing popularity of transformational travel, which focuses on health trips to heal, balance, and transform the body, mind, and spirit, is also expected to propel the industry.

Top-down and bottom-up approaches were used to estimate and validate the size of the US & Canada Travel Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

US & Canada Travel Market Segmental Analysis

U.S. & Canada Travel Market is segmented on the basis of Type and Age Group and region. By Age Group, the market is segmented into Millennial, Generation X, Baby Boomers. By Type, market is segmented into Luxury, Business Travel, Cruise, Specialty/Activity/ Sports, Budget.

Drivers of the US & Canada Travel Market

The employment rate has a direct bearing on the travel industry and is a major economic indicator. Consumers typically have more disposable income during periods of high employment, which may result in higher travel expenditures. On the other hand, consumers may have less discretionary income during periods of low employment, which may result in a reduction in travel expenditure.

Restraints in the US & Canada Travel Market

The travel sector can also be impacted by geopolitical unrest and security issues, especially when it comes to international travel. Terrorist acts and political upheaval, for instance, might result in travel advisories and bans, which can drastically lower demand for travel.

Market Trends of the US & Canada Travel Market

Many people are choosing to explore their own countries instead of going overseas as long as travel restrictions are in place and people are still wary of visiting outside. By removing the necessity for foreign travel and the hazards to one's health and safety that come with it, domestic travel offers passengers a safer and more practical alternative. In addition to addressing safety issues, domestic tourism gives tourists the chance to see new places near home and explore their own nations.