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The U.S. Travel Industry Could See A 40% Drop In Spending
Residents in the United States are spending less on domestic travel this year compared to last year amid the coronavirus pandemic.
A report commissioned by the U.S. Travel Association revealed that spending by U.S. residents will drop to $583 billion this year, down from $972 billion in 2019. That’s a nearly 40 percent decrease.
Total travel spending, including domestic and international visitors, is expected to dip by 45 percent to $622 billion, according to research by Tourism Economics a division of Oxford Economics.
The association labeled the downturn “The Great Travel Depression” and said more than 8 million travel jobs have been lost.
To help with the loss, the group is urging Congress to provide additional support for the travel industry, including expanding the popular Paycheck Protection Program (PPP) to include organizations that promote tourist or business venues and also provide $10 billion in grants to provide healthy travel practices.
“We need relief, protection and stimulus to revive the travel industry and set America on the path toward recovery,” the association said in a LinkedIn post.
The group said with the right policies, these jobs can come back.
Key measures members are asking lawmakers to create an individual travel tax credit and allow businesses to fully deduct food and entertainment expenses.