The World Travel & Tourism Council’s (WTTC) latest research indicates that, with this year’s COVID-induced collapse of international tourism, the U.S. economy is set to lose $155 billion in 2020. This catastrophic upset to the American economy is tantamount to a shortfall of $425 million a day, or almost $3 billion per week.
International travel spending in the U.S. during 2019 reached $195.1 billion, accounting for 16 percent of the country’s total tourism-sector spending. That’s nearly $16.3 billion each month, which equates to $3.7 billion every week or $534.5 million per day.
According to the latest research for World Travel & Tourism Council (WTTC) it indicates a ginormous cost to the US economy.
The Covid induced collapse of international tourism in 2020 has suggested that the US economy is set to lose $155 billion. This is a shortfall of $425 million a day.
International travel spending in America in 2019 reached $195.1 billion which accounted for 16% of America’s total tourism sector spending.
With the Coronavirus hardly under control across America and states are battling in each of their own methods it is unlikely that these economic numbers will be reversed any time soon. Almost daily airlines are laying staff off both sides of the Atlantic. American Airlines have recently laid off over 19,000 employees and Virgin Atlantic have announced 1,100 redundancies.
It is a torrid time for the travel industry and there seems to be no end in sight just now.