According to research published by Deloitte, the U.S. leisure travel market is projected to grow about 6 percent in 2017, which will push the market closer to $381 billion by the end of the year. The research indicates that economic fundamentals for consumer spending continue to be solid this year. Factors such as a stronger labor market and elevated consumer confidence contribute to the growth of the market. Technology also plays a major part in the tourism industry.
Keeping the focus on technology, Deloitte claims in their research that few industries have felt the impact of enabling technology like ground transportation.
"Within this segment, rising technology stars are challenging established industry incumbents for a dominant position in the marketplace. 2017 will be a pivotal year where ground transportation players have something to prove. Late in 2016, ridesharing receipts exceeded traditional ground transportation for the first time ever among business travelers. While this might lead many to believe that ridesharing is now the standard, the space remains open to competition. The ridesharing economic model is a complex balance that connects a healthy supply of non-contract, transient labor looking for the highest wage with demand from consumers looking for the lowest fare," the report said.
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