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:
This is a bit of hyperbole. Market will normalize, the most extreme case which even the biggest critics of Trump argue, will be recession. Even that's a probability and not a certainty. How are you predicting Depression (global no less)?
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.