The world’s top five vacation destinations now hold a combined $2.7 trillion, up 15% over a year ago, according to research firm Accenture.
The top five cities have added $3 trillion to their tourist revenues since 2016, according the firm.
And according to Accenture, the average American spends $2,945 per year on their vacations, up $2 from a year earlier.
Accenture’s latest report found that Americans spend more on vacations than anywhere on earth, averaging $3,890 per year, up from $3 on a year and $2 on a decade ago.
The most expensive holiday destination in the world, however, is Norway, where the average price for a hotel room is about $1,500 per person.
Norway’s average vacation rental for a family of four is about the same as that of New York City, which costs $2 a person.
The number of people who are millionaires in Norway rose from about 7.2% of the population to about 9.7% last year, according a report from the Norwegian Institute of Public Policy.
Accent Capital’s CEO, Michael Gorman, told CNNMoney that the rise in vacation spending is due in part to the increased popularity of tourism, which is growing at the same time that the economy is shrinking.
“We’ve had some really significant changes in the economy, which has led to a surge in the number of vacationers in general,” Gorman said.
“So, we’re seeing an increase in tourism and an increase of people wanting to travel.”
Gorman added that the “economic recovery” has been “really, really good,” and that he believes the government is helping to keep people from going back to their homes.
“I think people have seen that economic recovery has brought them out of the bubble,” G Norman said.
In fact, Accenture predicts that in 2020, the number that will own vacation homes will double from a mere 3% to more than 13%.
That’s because of the rise of vacation rentals as an alternative to housing.
“It’s very easy to be on the road,” Gollings said.
The growth in vacation rentals is not just a result of the economic recovery.
The trend has been driven by the rise and popularity of social media, where vacationers are sharing and sharing photos and videos of themselves.
Accurys research also found that social media accounts were responsible for more than half of the growth in total revenue from all forms of tourism since 2010.
The increase in vacation revenue comes as more people are spending their vacation time in other ways.
“In the last three years, travel spending has grown significantly, particularly for leisure and social media,” Gormans chief economist, Robert Wiblin, said in a statement.
“This has helped drive a significant growth in tourism revenues in the last two years.”
In the United States, average American spend on vacation this year is $1.2 billion, up 14% from the same period a year before.
And the United Kingdom and Germany were among the countries that have seen the most increased vacation spending, according Accenture data.
Travelers are spending more and more time in parks and beaches, and are taking more vacations in general, according Golling.
“The growth in the demand for travel has been very pronounced,” he said.