The travel industry is booming due to pent-up demand and the rise of "bleisure" (business and leisure) travel. Consumer spending on travel remains strong, and demand for hotels and short-term rentals continues to grow. Additionally, the hotel sector is benefiting from digitized guest experiences, strong online presence, smartphone navigation, effective marketing, and a focus on aesthetics.
CBRE expects better performance in 2024, with RevPAR growth projected to reach around 3% year-over-year. This growth is driven by the ongoing recovery in international travel, strong performance in meetings and group events, and continued demand from leisure travelers. The US travel and tourism market is forecasted to grow steadily at a CAGR of 2.90%, reaching $222.80 billion by 2028.
