This year the United States is projected to face a staggering $12 billion decline in tourism revenue, largely driven by reductions in visits from key international markets including Canada, Mexico, Germany, the UK, France, Spain, Italy, Portugal, the Netherlands, South Korea and Romania.
It is driven by several critical factors including the strong US dollar making inbound travel more expensive for foreign tourists, shifting travel preferences toward more affordable and accessible destinations, and stricter US immigration policies.
The reduction in international visitor spending is expected to impact a wide range of industries, including hospitality, retail and transportation, all of which rely heavily on foreign tourists.
Says Nick Estrada, Chief Executive Officer at the Corporate Housing Providers Association – CHPA, “In discussions with several European and Canadian colleagues, we understand the hesitancy and concerns regarding travel to the United States highlighted in the WTTC report. However, this presents a unique opportunity for corporate housing providers and agencies in the US to showcase the incredible benefits we offer to relocating professionals and business travelers on longer assignments. We can aid in putting out the welcome mat again, make the arrival seamless and provide confidence in a guest’s experience.”
