12/21/2017

TOURISM UPDATE FROM NYC & COMPANY

Every October, the tourism board for NYC releases their annual Travel & Tourism Trend Report, which both give a look back at final figures for 2016, analyzes 2017 to date, and provides some helpful forecasting for 2018 and 2019. What can Broadway and the Attractions Industry look forward to in the next two years?

 

EVEN MORE TOURISTS

Check this out:

That’s right—NYC is projected to welcome over 65 MILLION VISITORS in 2019. Obviously, the more people who visit, the more opportunities we have to convince them to do stuff while they’re in town.

You’ll notice that there is a slight decrease in international visitation from 2016 to 2017. Part of that is the “Trump Effect,” but part of this is also the depressed value of the pound and the euro against the dollar. This is forecast to recover in 2018, which will help tourism from European markets to rebound in 2019. 

 

FOCUS ON DAY-TRIPPERS

23 Million people travel at least 50 miles to visit NYC and don’t stay overnight. This is what that 50-mile radius looks like:

We already know Broadway is an enormous destination for this market—don’t neglect retail tour operators when planning your group strategy!

 

INTERNATIONAL TOURISM GROWTH

So where are all these people coming from?

NYC & Company tells us that South Korea is seeing growth through their participation in the Visa Waiver program, and that while Brazil remains a top inbound market for New York, political and currency issues in that market are contributing to a reduction in visitation in the next few years.  

 

SUMMATION

NYC & Company has invested in diversifying the market mix of inbound international visitors so that we are not overly dependent on the economic strength of any one region to fuel our visitor market. If Brazil experiences a small downturn for a few years, we make up for that loss with growth in China. Shows and attractions can piggyback off that strategy by making sure content pieces, marketing materials and sales outreach are targeted to these individual markets—whether it’s South Korea or domestic day-trippers!