US Tourism to Take $10.3B Coronavirus Hit
The US tourism sector is expected to take a £10.3B hit from the coronavirus outbreak due to the loss of 1.6M visits from Chinese travelers, according to Tourism Economics, which is part of Oxford Economics global advisory firm. More than half (56 percent) of the loss will occur in 2020 with recovery expected to begin in the latter part of the year. TE, which released its report Feb.
3, anticipates the entire recovery from conoravirus will span four years, which would be similar to the rebound from the SARS episode. China is the largest source of US travel-related exports. California and New York are the top state destinations.
TE reports the Chinese market in the early 2000s represented one percent (about 200K) of all overseas visitors to the US and three percent of spending. In 2019, China accounted for 7 percent of overseas visitors and 16 percent of spending. Chinese visitors spent £34B in US travel & transportation services in 2019.
The number of visitors from China has grown 1,270 percent since 2002 to 2.8M last year.
Excluding education-related outlays, Chinese visitors spend an average £6K per-trip.