Tourism in the U.S. is seeing a noticeable decline, with San Francisco and the broader Bay Area starting to feel the impact. Visitor numbers dropped 11.6% in March, with sharp declines from Canada (down 38% by car, 75% by air), Western Europe (down 17%), and Mexico (down 23%). Tariffs and boycott concerns are contributing factors. While this is expected to affect travel-related stocks, domestic travel by Americans is actually up 5%, with 6.7 million U.S. travelers in March—largely driven by high-income consumers who remain unaffected by recession fears or social tightening under the Trump administration.
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