TIA Annual Travel Forecast Shows Industry Stengthening

May 11, 2004

TIA Annual Travel Forecast Shows Industry Stengthening
May 11, 2004 – The Travel Industry Association of America released its Annual Travel Forecast this week. According to results, the growing economy, an increase in consumer confidence and spending, and increased business travel are all helping to make 2004 one of the strongest years in travel in quite some time.

TIA’s report shows that overall traveler spending by domestic and international visitors is forecasted to increase by nearly 6 percent in 2004 to $585 billion, up from $552 billion in 2003. This trend is expected to continue in 2005.

U.S. residents are forecasted to take nearly 145 million business person-trips in 2004, rising for the first time since 1999. In 2005, they predict that business travel with increase 3.5 percent to nearly 150 million person-trips.

TIA is also predicting that leisure travel volume will grow 3.4 percent this year and again in 2005 to 987 million person-trips. Travel price inflation is forecasted to increase 2.2 percent in 2004, due mostly to higher hotel rates and gas prices.

NTA Member Needs Survey results reflect similar trends. In the First quarter 2004, 58 percent of NTA tour operators witnessed an overall sales volume increase compared to first quarter 2003.

For more information on TIA’s Annaul Travel Forecast, visit http://preseason.ntaonline.com/www.tia.org