U.S. & Canada Travel Market Size, Share, Growth Analysis, By Age Group(Luxury, Business Travel) - Industry Forecast 2024-2031

US & Canada Travel Market size was valued at USD 1052.84 billion in 2022 and is poised to grow from USD 1163.39 billion in 2023 to USD 2585.97 billion by 2031, at a CAGR of 10.5% during the forecast period (2024-2031). 

To create unique experiences of their own, travellers are looking for flexible itineraries that blend entertainment and relaxation. Value-driven trips offering good value for the money and companies prioritising affordability and convenience have become increasingly popular, especially among millennial and younger travellers. The U.S. Travel Association estimates that total travel expenditures in the U.S. reached $93 billion in February 2023, a 5% increase over 2019 levels and a 9% increase over 2022 levels. The rising numbers of millennial and middle-class traveller groups will aid the growth of the market.

Positive developments in attitudes regarding gender, race, ethnicity, sexual orientation, and political stability, as well as more lenient visa policies, have a significant impact on international travel. Products, dependable transportation, exclusivity, and friendly & professional employee interactions set the travel standard. The U.S. and Canada will be facilitated by the government's increased efforts to revive the economy by directing funds into the system, and aiding various enterprises in starting new projects. Additionally, it is anticipated that the market will be fuelled by the increasing trend of transformational travel, which is focused on wellness travels to heal, balance, and transform the mind, spirit, and body.