by Mia Taylor
Last updated: 1:16 PM ET, Thu December 20, 2018
The U.S. travel industry has clocked in excess of 100 straight months of overall expansion.
According to the U.S. Travel Association's latest Travel Trends Index (TTI), travel to and within the U.S. grew 3.2 percent year-over-year in October, which was the industry's 106th consecutive month of growth. That's nine straight years of expansion, the report noted.
The same index revealed that overall travel volume (person trips to or within the United States involving a hotel stay or air travel) grew at a faster year-over-year rate in October 2018 than in September 2018.
International inbound travel slowed, according to the index, while both domestic business and leisure travel segments picked up. Domestic business travel outperformed all other segments, states the report.
As for the coming year, according to the report the total U.S. travel volume is expected to grow at a rate of around 2.2 percent through April 2019. Domestic travel is projected to grow at a slightly faster pace of 2.4 percent, while international growth will likely decelerate over the same time period.
An Outlook email from the U.S. Travel Association also noted that travel in 2019 is already being booked, particularly by Baby Boomers. This trend was first identified by an AARP survey which found Americans are booking trips for 2019 earlier than in years past.
The same AARP survey noted that Baby Boomers expect to take four to five leisure trips next year. Among those hoping to take a domestic vacation, about 88 percent have already settled on the destination.
Additionally, the trend of extending business trips for leisure purposes continues to gain steam and lodging industry metrics continue to break records with 2019 forecasts being revised upwards.
However, the Outlook email from the U.S. Travel Association points out that record-breaking revenues are being slightly moderated by strong demand and increased supply.
"Wages, in particular, have dragged down overall profits and increased hotel expenses in a tight labor market," states the Outlook email.
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