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?