Linchi Kwok posted a great multibrief article highlighting the trends and travel outlook for 2016. Check out the article here.
Some highlights include:
- Domestic travel is forecasted to grow 2 – 3 percent annually through 2018.
- New jobs in leisure and hospitality are expected to increase by 53,300 in California in 2016.
- Falling travel prices are the result of lower fuel costs — Cheaper fuel costs also push travelers to take more short road trips.
- Strong U.S. dollar against foreign currencies may slow down inbound travel.
- Supply of hotels (and hotel rooms) continues to grow, at a point about to reach the peak numbers of new hotels entering the market recorded in 1999 and 2009 — In fact, today’s investors are after all kinds of lodging products. The question is: Will travel demand continue to grow to sustain the market?