Research Dashboard

2024 Economic Impact of Travel

Travel Indicators Summary

Aside from gas prices, August’s economic indicators were largely negative. Inflation rose, job growth slowed markedly over the past six months, and the unemployment rate increased. Consumer confidence also declined, with sentiment falling three points during the month.
Economic challenges are weighing on travel sentiment, especially in California. While travel remains a budget priority for most Americans, Californians’ growing financial pessimism may dampen in-state demand
In August, hotel room demand and revenue edged back into positive territory, despite an extra Sunday in the reporting period. Group demand slipped for a second month, while short-term rentals also softened, though September and October typically mark peak group travel.
Non-stop international airlift from California’s priority markets was flat versus last August, but non-resident arrivals fell 8%, driven by a sharp drop in Canadian visitation. Japan was a bright spot with arrivals up 20% for the month and 5% year to date, while Mexico also posted continued growth.

Source: Visit California and third-party data sets