The survey, conducted by Morning Consult on behalf of AHLA, polled 2,202 U.S. adults between April 25-28, 2024. It found that hotels remain the top choice for accommodation for both business (60%) and leisure (46%) travelers this summer. Despite economic challenges such as labor shortages and high interest rates, the survey results indicate a positive outlook for the hotel industry.
However, it is important to note that persistent inflation remains a hurdle for growth in the hospitality and travel sectors. The U.S. Travel Association predicts that business travel spending will rise gradually through 2027, but at a slower pace. Expenditures are expected to reach $265.5 billion in 2024 (87% of 2019 levels) and $282.7 billion by 2027 (92.4% of pre-pandemic levels). Domestic leisure travel is projected to maintain a steady 2% growth rate in 2023 and 2024, with travel volume surpassing inflation-adjusted spending from 2024 onwards.
