Real spending on travel and tourism turned up in the second quarter of 2014, increasing at an annual rate of 2.1 percent after decreasing 1.1 percent (revised) in the first quarter of 2014. Real gross domestic product (GDP) also experienced an upturn, increasing 4.2 percent (second estimate) in the second quarter after decreasing 2.1 percent in the first quarter. All major categories, with the exception of “traveler accommodations” contributed to the increase in the second quarter.
The leading contributors to the upturn in the second quarter were “recreation, entertainment, and shopping,” and “food services and drinking places.” “Recreation, entertainment, and shopping” increased 4.5 percent in the second quarter after decreasing 2.7 percent in the first quarter. “Food services and drinking places” increased 6.5 percent after decreasing 1.8 percent. “Transportation” increased as well, reflecting an upturn in “passenger air transportation” that was partly offset by a downturn “all other transportation-related commodities.” Partially offsetting these upturns, “traveler accommodations” decreased 0.8 percent in the second quarter after increasing 0.6 percent.
Statistics on what Americans and foreigners spent on travel and tourism in the United States in the second quarter of 2014 will be released Thursday, Sept. 18 by the Bureau of Economic Analysis (BEA).
The statistics, part of BEA’s Travel and Tourism Satellite Accounts, provide a breakdown of the various components of travel and tourism spending, including lodging, meals, air travel, and shopping. The statistics will also provide data on employment in the tourism industry.
These statistics, which will be available at 8:30 a.m. eastern time on BEA’s website (www.bea.gov) and by email subscription, can be used for the following purposes:
- To assess the effects of travel and tourism on the U.S. economy
- To compare national trends to locally observed trends
- To examine the relationship among the travel and tourism industries
- To compare travel and tourism industries to other industries.
These statistics are supported by funding from the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce.
Real spending on travel and tourism accelerated in the fourth quarter of 2013, increasing at an annual rate of 4.2 percent after increasing 3.1 percent (revised) in the third quarter of 2013.
Real Tourism Spending. Real spending on “traveler accommodations” accelerated, increasing 14.5 percent in the fourth quarter after increasing 3.3 percent in the third quarter. The increase was primarily driven by group and corporate revenue growth. Real spending on “food services and drinking places” also accelerated, increasing 7.7 percent in the fourth quarter after no change in the third quarter.
Tourism Prices. Prices for “traveler accommodations” decreased 8.0 percent in the fourth quarter, after decreasing 3.0 percent in the third quarter. In contrast, prices for “passenger air transportation” accelerated, increasing 7.9 percent in the fourth quarter after increasing 5.7 percent in the third quarter. Strong holiday demand was reflected by an increase in passenger unit revenue.
Tourism Employment. Employment in the travel and tourism industries accelerated in the fourth quarter, increasing 2.8 percent after increasing 1.8 percent in the third quarter. The primary contributors to the acceleration in employment were increases in “recreation, entertainment, and shopping” and “transportation.”
To learn more, read the full report.