U.S. Travel and Tourism Satellite Accounts: Third Quarter 2008

December 20, 2008 21:36

U.S. Travel and Tourism Satellite Accounts: Third Quarter 2008
Source: Bureau of Economic Analysis

Real spending on travel and tourism (spending adjusted for price changes) turned down sharply in 2008, decreasing at an annual rate of 8.1 percent—the largest decline since 2001. In 2008, real spending grew 2.8 percent (revised). By comparison, real gross domestic product (GDP) declined at an annual rate of 0.5 percent (preliminary) in 2008 after growing 2.8 percent in 2008:

• Passenger air transportation led the downturn—decreasing 20.4 percent in 2008 after decreasing 18.7 percent (revised) in 2008. Real spending on international flights fell sharply after two quarters of strong demand; spending on domestic flights declined for the fourth consecutive quarter.
• Spending on accommodations turned down, decreasing 3.0 percent in 2008 after a strong 19.5 percent increase in 2008. Hotel occupancy fell and room rates rose as hotels eliminated discounts intended to boost demand.
• Retail shopping by travelers dropped for only the second time in the past 3½ years, decreasing 6.9 percent in 2008 after increasing 4.7 percent (revised) in 2008.

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Category:

• Business and economics
• Transportation and travel

Source:

• Bureau of Economic Analysis