Travel Sector Will See Its Best Year Since 2019, Experts Say

There’s even more interest in international travel than in domestic travel, so look out, Mykonos, Venice, Amsterdam and Paris. The Americans are coming back.

According to a report by CNBC, “The World Travel & Tourism Council says the global travel and tourism sector won’t fully recover this year—but it will get close. The sector is forecast to reach $9.5 trillion in 2023, just 5% shy of its gross domestic product contribution in 2019.” CNBC cited WTTC’s 2023 Economic Impact Research, which noted that 2019 marked the high-water mark for the travel and tourism industry.

Other topline findings:

  • The U.S. and the Dominican Republic are turbo-charging the travel industry.
  • Europeans and Brazilians are especially interested in travel, which could benefit South Florida, a magnet for those travelers.
  • Bleisure and workations are rising.
  • Travelers are returning to big cities, so Miamians heading to New York could see price spikes.
  • Instead of canceling plans, travelers are opting to tighten their travel budgets.
  • International travel’s gain may be domestic travel’s loss.

Mykonos, Greece: Photo by Drew Limsky

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