Real spending on travel and tourism increased at an annual rate of 8.0% in the third quarter, following an increase of 3.4% (revised) in the second quarter, according to the latest estimates by the Bureau of Economic Analysis at the U.S. Department of Commerce.


By comparison, real gross domestic product (GDP) increased 2.5% (second estimate) in the third quarter after increasing 1.7% in the second quarter. While tourism spending outpaced overall growth in the economy, it still remains below its peak set in the third quarter of 2007.

 

Highlights from the report include:

 


  • Real spending on passenger air transportation increased 29.8% in the third quarter after increasing 4.8% in the second quarter as airlines decreased fares contributing to an increase in demand.

  • Real spending on traveler accommodations accelerated, increasing 9.5% after increasing 6.0% in the second quarter, as occupancy rates at hotels increased.

  • In the third quarter, total current-dollar tourism-related spending was $1.3 trillion and consisted of $790.5 billion (59%) of direct tourism spending – goods and services sold directly to visitors – and $549.2 billion (41%) of indirect tourism-related spending – goods and services used to produce what visitors buy.