Research released by Phocuswright projects $1.4 trillion in global travel gross bookings in 2023, just 4% below 2019 levels.
The United States travel market grew to $422 billion in 2022, becoming the first major travel market globally to surpass its 2019 size.
In Europe, travel is well on its way to recovery and normalization in 2023, as Europeans broadly remain eager to travel and continue to prioritize spending on leisure trips, even while facing some economic challenges and shifting their travel shopping and booking activities.
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