Travel Agencies in the US - Market Research Report

Bon Voyage: Rebounding Travel Will Likely Support Industry Revenue Growth

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

Travel agencies contended with significant contractions in profit and sales over the five years to 2023 when COVID-19 halted domestic and international travel. Still, the pandemic precipitated a trend of revenge tourism once health and safety restrictions were eased, which has been a boon to travel agents. As various international borders reopened in 2022, international trips made by US residents grew by more than 100.0%. A strong recovery in travel has caused industry revenue to increase at an estimated CAGR of 4.0% to $76.1 billion over the past five years, including a 6.9% increase in 2023 alone. This industry includes businesses that sell, book and arrange travel, tour and accommodation services for the general public and commercial clients. The industry also encompasses companies primarily engaged in providing travel arrangement and reservation services, including online-only booking systems.