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THE U.S. REMAINS the world's top travel and tourism market, contributing a record $2.36 trillion to the economy last year, according to the World Travel & Tourism Council. Despite a slow recovery in international spending, the U.S. holds nearly double the economic contribution of its closest competitor. The council's 2024 Economic Impact Trends Report found that travel and tourism remain vital to many economies, supporting millions of jobs worldwide. "As we look forward to a record-breaking 2024, it's clear that travel and tourism are not only back on track but also set to achieve unprecedented growth," said Julia Simpson, WTTC's president and CEO. "We will continue to prioritize sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector's resilience and potential for innovation continue to drive us forward."

U.S. TOURISM SPENDING is presently lagging behind 2023 and 2024 levels, which were boosted by strong post-pandemic travel demand, according to Bank of America credit and debit card data. The bank's data showed a decline in lodging, tourism and airline spending. Bank of America's report, "Yellow light for travel: US domestic tourism taps the brakes," found that through March 22, lodging and tourism-related services were down about 2.5 percent from last year, while airline spending dropped roughly 6 percent. Poor weather, a late Easter and weak consumer confidence may be contributing to the slowdown, the report said. However, Bank of America analysts remain cautiously optimistic, noting that softer travel spending may signal a "yellow light" rather than a "red," as households grow more hesitant to plan major trips in the near term.

A TOTAL OF 347 mergers and acquisitions, private equity and venture financing deals were reported in the global travel and tourism sector during the first half of 2024, according to GlobalData, a data and analytics company. That is a 12.6 percent year-over-year decline from the 397 deals in the same period of the previous year. North America saw a 31.7 percent year-over-year decrease in deal volume, while the U.S. experienced a 31.5 percent decline in the first half of 2024 compared to the same period the previous year, GlobalData said in a statement. "Even though there was a decline globally due to a dent in deal-making sentiments, the trend was a mixed bag across different markets and regions, with some countries contributing to the decline while some experienced improved activity," said Aurojyoti Bose, GlobalData's lead analyst. "And the same was the case for the deal types under coverage."