Travel continues to be a booming business

According to the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) the travel sector continues to flourish.

The first quarter of 2015 saw travel spending grow by 2%. That’s down from the previous year’s 4.9%, but is attributable to a large decrease in “all other transportation-related commodities”, in other words, the drop in oil prices.

Employment in the travel sector increased 2.3%, which represents the 20th consecutive quarter (that’s five years) of employment growth.

World-wide, the total tourism-related spend was $1.6 trillion in the first quarter of 2015. It consisted of $905.4 billion (58%) of direct tourism spending and $663.2 billion (42%) of indirect tourism-related spending.

This is a healthy sector. Are you getting your share?

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By allanlynch

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