In this article, we are going to discuss the best place to visit in USA before you die. If you also want to check out other must-see destinations in America, here is our full list of the 40 Best Places to Visit in USA Before You Die.
Tourism Industry in the United States:
According to a recent report by Euromonitor International, the U.S. travel industry was worth $1.2 trillion in 2023. The country welcomed 67 million international visitors last year – 3rd most in the world, right after Spain and France – but this was only 84% of the pre-pandemic levels of 2019.
The report ranks the United States 17th out of 18 major international destinations, a worrying sign for the country’s travel industry. Some of the problems faced by the American tourism sector include a lack of attention from the government leadership, safety concerns, strict visa policies, lengthy waiting times for visa interviews, and outdated technology at points of entry etc.
Almost 15 million Americans work in tourism and hospitality, making it the fifth-largest industry in the country.
The Need for Sustainable Tourism:
Although the tourism industry comes as a boon for many and supports millions of businesses and jobs worldwide, it often doesn’t come without a price. An example of this is the listing and rental of local homes on the online platform of Airbnb, Inc. (NASDAQ:ABNB), which in many cities around the world has created a shortage of available residences for the locals, leading to insufficient housing and a massive increase in rents.
The city of New York is a popular market for Airbnb’s short-term rentals, which contributed $85 million to the local economy in 2022 alone. However, the city administration argues that the proliferation of short-term rentals through Airbnb and other platforms has pushed up rents and helped NYC’s housing shortage. As a result, the city adopted the Short-Term Rental Registration Law, strictly restricting short-term and vacation rentals like those listed on platforms like Airbnb and VRBO. The law, which came into force in September 2023, requires all short-term rental hosts to register with the mayor’s office. Moreover, it only allows a maximum of two guests at a time and requires the hosts to be physically present during the guests’ stay.
This bold move by one of the Most Visited Cities in the World is now being closely monitored by other tourism hotspots. If America’s biggest city can fix the problem of short-term rentals, others may follow. Meanwhile, Airbnb responded strongly to the new rules by calling them a ‘de facto ban’ on the platform and also sued NYC, but to no avail. At the same time, other critics believe that the city is bending to the lobbying of the hotel industry and locking out cheaper options for visitors.
However, despite the setback, Airbnb, Inc. (NASDAQ:ABNB) had a strong start to 2024, with the company reporting a revenue of $2.1 billion, an increase of 18% from the same quarter last year. Q1 net income also grew to $264 million, making it their most profitable quarter ever. Shares of ABNB were held by 56 hedge funds at the end of Q1 2024 in the IM database, with a collective stake value of around $2.5 billion. The stock has also witnessed an increase of 8.75% in price so far this year.
Airbnb, Inc. (NASDAQ:ABNB) is included among the 12 Best Gig Economy Stocks to Buy.
Largest Travel Company in the World:
With a market cap of over $127 billion as of the writing of this piece, Booking Holdings Inc. (NASDAQ:BKNG) holds the title of being the Largest Travel Company in the World. Operating in 228 countries and 40 different languages, there are more than 28 million global listings available between hotels, homes, and apartments under the Booking travel sites.
The Connecticut-based travel technology company also strongly felt the shocks of the pandemic when its revenue fell by almost 55%, from $15.06 billion in 2019, to $6.8 billion in 2020. However, Booking Holdings Inc. (NASDAQ:BKNG) bounced back strongly and boasted a revenue of over $21.36 billion in 2023 after the revival of international tourism, even higher than its pre-pandemic levels.
The world leader in online travel seems to be having an even better 2024, with a Q1 revenue of $4.4 billion, an increase of 17% from the prior year quarter. Net income also increased massively by 192% to reach $776 million. The stock of Booking Holdings Inc. (NASDAQ:BKNG) was held by 97 hedge funds at the end of Q1 2024 in the Insider Monkey database, with Fisher Asset Management holding the largest stake of 391,421 shares, valued at $1.42 billion.
Methodology:
To collect data for this article, we have referred to a number of sources such as Lonely Planet, Travel + Leisure, Condé Nast Traveler, Reddit etc, looking for the Most Beautiful Places to Visit in America. To make sure we give you only the best, we picked places that appeared multiple times in the aforementioned sources, assigned them a score of 1 each time they were recommended on these websites, and then summed up the scores and ranked our list accordingly. When two or more destinations had the same score, we ranked them by the number of upvotes they received on Reddit.
1. New Orleans, LA
Insider Monkey Score: 21
In New Orleans, the party hasn’t actually started in a long time simply because the party never ends and the bars never close. With its distinctive music, unique festivals, world-class cuisines, incredible architecture, and legendary nightlife, the Big Easy has something for everyone.
A great time to visit New Orleans is during Mardi Gras, the late-winter carnival famed for raucous costumed parades and street parties. And if you’re up for a unique and unforgettable experience, the city’s French Quarter is the place to be. As the site of the original New Orleans colony, the neighborhood has held on to its heritage, as evident by its French street names and narrow cobblestone streets, as well as attractions such as Jackson Square, Faulkner House Books, and the Cabildo.
To learn more about other top destinations you can’t miss in America, you can refer to our list of the 40 Best Places to Visit in USA Before You Die.
At Insider Monkey, we delve into a variety of topics, ranging from the most beautiful places in USA to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising that NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: This article is originally published at Insider Monkey.