The latest findings from Future Market Insights reveal a positive trajectory for the US and Canada tourism market, with projected revenue reaching US$ 172,331.2 Million by the end of 2023 and an estimated valuation of US$ 253,839.3 Million by 2033.
The US and Canada tourism market experienced a blend of growth and decline during 2018-2022. Notably, 2018 marked a record high with over 77 million international visitors to the US. However, factors such as a robust US dollar, increased visa restrictions, and the outbreak of COVID-19 led to a substantial decrease in international visitors in 2019 and 2020. A similar trend was observed in Canada, with a 7% decline in 2019 and a further 70% decline in 2020. Domestic tourism also suffered due to the pandemic, but a steady recovery began in 2021 and 2022 with the easing of travel restrictions and vaccine roll-out.
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Driving Factors Boosting the Market:
Expansion of Low-Cost Travel Options
A robust economy in both the US and Canada, coupled with increased consumer spending, has fueled growth in the tourism sector. The expansion of low-cost airlines and budget travel options has made air travel more accessible, contributing to increased tourism. Both governments and the private sector have actively promoted the countries as tourist destinations, with popular attractions such as New York City, Niagara Falls, Vancouver, Banff, and the Grand Canyon continuing to attract large numbers of visitors.
Other Contributing Factors
The legalization of cannabis in some states, relaxed visa policies, rising popularity of experiential travel, and the prevalence of the road trip trend have further facilitated market growth. The natural beauty of Canada, its diverse culture, and cuisine also make it a desirable destination. Additionally, the proximity of the two countries allows travelers to visit both in a single trip.
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Key Trends Boosting the Market:
Pandemic-Induced Trends
The COVID-19 pandemic has reshaped travel trends, leading to an increased interest in health and wellness tourism. Tourists now seek authentic and unique experiences, such as adventure travel, cultural immersion, and ecotourism. The pandemic has also revived the popularity of road trips and drive-to-travel, offering flexible and socially-distanced options. Outdoor and nature-based activities, along with a focus on mental and physical well-being, have become key drivers for tourist choices.
Growth Opportunities in the Tourism Sector:
Digital Technology and Niche Experiences
The increasing use of smartphones and the internet presents opportunities for companies to leverage digital technology for online travel research and bookings. Niche and experiential tourism products, sustainable travel options, and health and wellness tourism are areas of growth. Companies that can offer unique and authentic experiences, along with advancements in virtual and augmented reality technology, stand to benefit. Socially-distanced travel options, including road trips, are gaining popularity, creating opportunities for innovative offerings.
Category-wise Insights:
Age Group Preferences
While the largest age group of tourists in the US and Canada comprises baby boomers, followed by Millennials and Gen Xers, the growing popularity of experiential travel and adventure tourism is expected to drive an increase in younger tourists in the future.
Booking Channel Preferences
Tourists in the region use a variety of booking channels, including popular websites like Expedia, Booking.com, and Orbitz. Direct bookings with hotels, airlines, and providers, along with the use of mobile apps and social media platforms, are common. The rise of voice commands through virtual assistants adds a new dimension to the booking landscape.
Competitive Landscape:
Major hotel chains such as Marriott, Hilton, and InterContinental Hotels Group, alongside airlines like American Airlines, Delta, and United, dominate the market. Low-cost carriers and car rental agencies also compete for customer attention. The industry is diverse, with both major and niche players continually striving for customer engagement, creating a dynamic and evolving landscape.
USA and Canada Tourism Market by Category
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- OTA (Online Travel Agency)
- Traditional Travel Agencies
- TMC’s( Travel Management Companies)
- Corporate Buyers
- Aggregators
By Number of Bookings:
- Age
- Under 15
- 16-25
- 26-35
- 36-45
- 46-55
- Over 55
By Activity Type:
- Cultural & Heritage
- Medical
- Eco/sustainable
- Sports
- Wellness
- Other
By Demographic:
- Male
- Female
- Kid
By Tourism Type:
- Domestic
- International
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Tour Type:
- Individual travel
- Professional Groups
- Group travels
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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