Traveling is something that everyone loves to do at some core level. Whether it is just a walk down the street to a new neighborhood to try a new restaurant or a flight that is taken half-way around the world, exploring is an essential part of humanity. That means the travel industry is an essential part of the world’s economy.
Travel Industry Facts and Statistics
In the United States alone, $1.7 trillion is spent yearly within the travel industry.
The travel industry does more than just give people the opportunity to explore, see new things, and post amazing pictures of their adventures to Instagram. It also helps people be able to live better, have access to fresh produce all year long, and provides the average household with the chance to save money every year, whether they realize it or not.
3 Essential Facts About the Travel Industry
1. In the United States, it is estimated that the average household would pay $988 more in taxes every year if the travel industry did not exist. That’s 25 tanks of gas, two months worth of groceries, or enough for a short vacation!
2. There are 7.7 million people directly employed in the US because of this industry.
3. 1 out of 8 people in the US are affected in some way because of the revenues or payroll of the travel industry.
Takeaway: The travel industry is undoubtedly one of the driving forces of economic growth in the world today. When people travel, they are required to spend money in some way to make sure that they have what they need. That means restaurants, hotels, boutiques, and bakeries can all benefit from traveler revenues – and that’s just the start of the business list. How influential is this spending? In the United Sates, $234,000 was spent every second by travelers!
Other Key Facts to Consider
1. For every 1% increase in the US market share of the travel industry, 153,000 new jobs would be created.
2. Youth account for about 20% of all international arrivals that occur within this industry, which accounts for $173 billion in global revenue.
3. This industry isn’t just marketing to the high value consumer – the average backpacker on a minimum 50 day trip spent $2,600 on average, with half that cost in direct destination arrival expenses.
4. 70% of travelers less than 30 years of age seek out meaningful travel experiences to broaden their skill sets in addition to the adventure they have.
5. The top 50 agencies within this industry account for 60% of the total revenues this industry generates.
6. Airline reservations account for 20% of the total industry revenues that are capitalized.
Takeaway: The travel industry is essential to the success of the planet’s economy and helps to put food on a family’s table every day in some way. Because travel is becoming easier than ever before, even though it may not be as affordable, the trends look good within the travel industry for more revenues, more travelers, and ultimately more economic assistance in each community.