US and Canada Tourism Spend Analytics to 2025: Analysis & Forecast

US and Canada Tourism Spend Analytics to 2025: Analysis & Forecast

Market Overview

US and Canada Tourism Spend Analytics to 2025: Overview

United States and Canada are the most prosperous countries in the North America region and the world. Owing to the developed economies of this region, tourism plays an important part in the economic growth and development of the United States and Canada. Tourism also contributes to the social development of any country or region as it promotes the creation of jobs and brings economic prosperity. Preservation of the cultural and historical heritage is also one of the main advantages of tourism. United States is one of the most popular destinations for the international traveller and Canada is also reaping significant benefits due to the huge influx of tourists.

US and Canada Tourism Spend Analytics to 2025: Drivers and Restraints

A stable political and economic outlook in the United States and Canada coupled with economic prosperity and world class infrastructure facilities are the main drivers of tourism in these two countries. Moreover, a rising affluent and middle class throughout the world, especially in the Asia Pacific region, is fuelling the growth of the tourism sector in the United States and Canada. In addition, favourable government policies that give rise to top class facilities for tourists and increased government spending is also stimulating the tourism spend in the United States and Canada. However, shortages of trained labour, especially pertaining to Canada is hampering the growth of tourism in the region. Moreover, the rise of threats of terrorism may also act as a dampener to the growing inflow of tourists into the United States and Canada.

US and Canada Tourism Spend Analytics to 2025: Key Statistics

As per the World Travel and Tourism Council data, the direct contribution of travel and tourism to the GDP of United States was US$ 458.0 Bn in the year 2014 that comprised 2.6% of the total GDP of the United States. This is forecasted to rise by 3.8% per annum during the next 10 years and is poised to reach a figure of US$ 684.6 Bn in the year 2025 and will comprise 3.0% of the total GDP of the country.

In the year 2014, visitor exports in the United States gave rise to a sum of US$ 194.1 Bn, which comprised 8.3% of the total exports of the country. This is forecasted to grow by 3.7% per annum during the next 10 years, to reach a figure of US$ 279.4 Bn in the year 2025, comprising 6.9% of the total exports of the country.

As per the World Travel and Tourism Council data, the direct contribution of travel and tourism to the GDP of Canada was CAD 36.4 Bn in the year 2015 that comprised 1.8% of the total GDP of Canada. This is forecasted to rise by 3.4% per annum during the next 10 years and is poised to reach a figure of CAD 53.1 Bn in the year 2026 and will comprise 2.1% of the total GDP of the country.

In the year 2015, visitor exports in Canada gave rise to a sum of CAD 19.2 Bn, which comprised 3.1% of the total exports of the country. This is forecasted to grow by 2.8% per annum during the next 10 years, to reach a figure of CAD 26.2 Bn in the year 2026 and will comprise 3.0% of the total exports of the country.

Leisure travel spending is anticipated to rise by 4.5% in the year 2016 in Canada and is expected to reach a figure of CAD 60.1 Bn by the end of 2016. This is expected to increase by 3.7% per annum and reach a figure of CAD 86.4 Bn in the year 2026. On the other hand, business travel spending is expected to rise by 2.6% per annum and reach a figure of CAD 47.3 Bn in the year 2026.

This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report. 

The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.

What Can Readers Expect from this Report?

  • An overview of the sector, including the key factors that have shaped patterns and demand
  • Not just data, but insights that you can incorporate in your strategic decision making
  • Nuanced underlying factors that influence consumer behaviour
  • Data points to understand the past, analyse the present, and project the future
  • Trends that will impact the sector in the short- and long-term
  • Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers

Us And Canada Tourism Spend Analytics Forecast

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

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US and Canada Tourism Spend Analytics to 2025: Analysis & Forecast