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.
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Us And Canada Tourism Spend Analytics Forecast
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