A potential economic slowdown is prompting people to think twice about traveling to the Big Apple, potentially risking billions of dollars in losses.
This is based on a revised forecast from New York City Tourism + Conventions (NYCTC). Julie Coker, CEO and president of the tourism authority, expects just 64.1 million people to visit NYC in 2025.
Additionally, the projected traveling dip will result in a direct spending loss of more than $4 billion, according to NYCTC. International visitors account for roughly 50 percent of the tourism spending in the metro.
Additionally, Coker noted that international visits decreased by two million to 12.1 million, while domestic travel to the city declined to 52 million, from 53.1 million.
The revised tourism forecast comes amid the U.S.'s triggering of a global trade war sparked by President Donald Trump's tariffs. As prices appear set to rise, consumer confidence has dropped. And while a major trade deal was announced over the weekend with one of the U.S.'s largest trading partners, China, resulting in significantly lower tariffs between the two, an additional 10 percent duty will remain in place on Beijing, along with a 10 percent baseline tariff on most other countries. It remains to be seen whether Washington will strike other trade deals and how long the extra duties will remain in effect.
As uncertainty looms, Coker said NYC will “address these challenges through continued sales, marketing and communications strategy grounded in our diverse product mix that speaks to travelers of all budgets, ages and interests.”
"In addition, the City will continue to benefit from its position as the nation’s number one port of entry for international arrivals, overall strong airlift and rail capacity, as well as our enduring global appeal as a premier travel destination with a long track record of delivering an incredible visitor experience."
A recent LWHA Q1 2025 Major U.S. Hotel Sales Survey found that the number of single asset sales was 83 across nearly $2.8 billion in dollar volume. That represents a 19 percent decrease and an 18 percent increase, respectively.
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