Americans are spending a lot more on trips at home, but overseas visitors are pulling back. Recent data show U.S. travel spending up ~0.2% in July while international arrivals are down about 8% this year, with 2025 inbound spending projected to fall by roughly $12.5 billion. Factors include visa costs and processing hurdles, plus geopolitical tensions. The result: strength in domestic leisure, but softer demand in gateway cities that rely on international spending.