U.S. travel spending will plunge in 2020, not fully recover until 2024 -travel group

A U.S. travel group said on Tuesday that travel spending is expected to fall by more than $500 billion in 2020 and is not expected to recover to pre-coronavirus levels until 2024

The U.S. Travel Association projects spending in 2019 will be $617 billion, down from its July forecast of $622 billion, compared with $1.13 trillion in 2019.

The decline reflects the dramatic falloff in business travel. The group said the industry has lost nearly 40%, or 3.5 million, of all direct travel jobs and warned another 1 million jobs could be lost without additional government relief by year-end.