1. -92K is a drop in a bucket. It's not what moves the needle for anything here, except looking at the trends. Revisions are the big swings now and those are not something the market likes -- which is why many are calling for a quarterly or even bi annual releases.
More than 1.5 billion tourists spent $11.7 trillion on hotels, cruises and flights last year, according to the data from the World Travel and Tourism Council.
A fall of $12.5 billion is a lot but not something that will alter anything significant.
The majority of the people that are declining to travel to US are Example drops recorded:
2. International Tourism in the US is not that big. Total international visits were expected to fall from 72.4 million (2024) to about 67.9 million (2025). https://www.ustravel.org/press/us-travel-forecast-2025-modes... So visitors to the U.S. dropped about 6% in 2025. I've seen some crazy numbers in this chat. https://www.reuters.com/world/us/fewer-foreigners-visited-us...
More than 1.5 billion tourists spent $11.7 trillion on hotels, cruises and flights last year, according to the data from the World Travel and Tourism Council.
A fall of $12.5 billion is a lot but not something that will alter anything significant.
The majority of the people that are declining to travel to US are Example drops recorded:
Germany: ↓ 28% Spain: ↓ 25% UK: ↓ 18% Canada: ↓ 17% https://en.wikipedia.org/wiki/Tourism_in_the_United_States
3. Some states and some countries are going the opposite (Argentina, Israel, two examples). https://skift.com/2025/12/29/us-international-travel-which-s...
4 .There is an offset by Americans traveling inside the US as well. https://www.thetravel.com/how-and-why-us-international-touri...
Overall, this is a small macro impact.