Visit Sarasota Co a Coun unty Economic Impact of Tourism: Fiscal Year 2017 Presentation
Purpos ose o e of Econom omic Impact R Resea earch Docum Do ument Inform Ma m Marketing Insp spire Communica cate te 2
Tourism M Matters t to Sa Sarasota Co County $2, $2,989,923,750 Economic Impact 3
2, 2,71 710,300 visitors 4
Vi Visitor or T Trends 2, 2,710 710,300 00 2, 2,468 468,200 00 2,311, 11,100 100 2015 2016 2017 5
Tourism M Matters t to Sa Sarasota Co County 1 $967 $967 VISITOR T TO SARASOTA C COUNT NTY TO TO Who stays in paid accommodations SARASOTA C COUNT NTY’S E ECONO NOMY 6
Glob obal Tou ourism M Matters t to Sarasot ota Cou ounty $1,205 205 1 TO TO INTERNA NATIONA NAL V VISITOR T TO SARASOTA C COUNT NTY SARASOTA C COUNT NTY’S E ECONO NOMY Who stays in paid accommodations 7
24,700 jobs $673,379,500 in wages 8
Vi Visi sitors C s Crea eate Jobs s 1 110 110 VISI SITORS T S TO SARAS ASOTA C A COUNTY TY SARAS ASOTA C A COUNTY TY JOB B 9
Tou ourism’s Impact o on E Employm yment 22,500 500 23,500 500 Jobs s from D Direc ect Visi sitor S Spe pend nding 24,300 300 2014 20 14 24,700 700 20 2015 15 20 2016 16 30,700 700 2017 20 17 32,000 000 Job obs from om T Tot otal E l Econ onom omic Impact 32,300 300 32,800 800 10
$21, $21,115, 115,683 683 ¹ TDT paid 1 Report was prepared in October 2017 so September TDT figure was estimated. 11
ts $640 $640 Vi Visi sitors s s save S Saraso sota C County ty res esidents per er h house sehold 12
VS VSC Marketing ROI $1 $1 of VSC advertising spending in FY 2017 Inform Marketing returned $743 $743 in visitor spending. Inspire Communicate 13
Vi Visi sitors D s Direct ct S Spe pending FY FY 2017 2017 Total To $1,812 812,07 075, 5,00 000 0 Accommo modat ations $543 43,470 470,700 700 Restau auran ants $535 35,101 101,100 100 Sh Shopping $334 34,018 018,900 900 Attr tracti tions $114 14,201 201,000 000 Ent ntertainm nment $96, 6,71 715, 5,400 00 Grocer Gr eries es $84, 4,28 285, 5,100 00 Tran ansportat ation $75, 5,40 407, 7,900 00 Other Ot $28, 8,87 874, 4,900 00 14
Vi Visi sitors D s Direct ct S Spe pending FY FY 2015 2015 – 2017 2017 Cate tego gory 2015 2015 2016 2016 2017 2017 Accommodations $490,967,800 $508,934,600 $543,470,700 Restaurants $472,378,900 $502,596,400 $535,101,100 Shopping $285,752,000 $320,772,600 $334,018,900 Attractions $80,755,400 $81,107,800 $114,201,000 Groceries $78,045,500 $78,598,200 $96,715,400 Entertainment $69,944,800 $74,595,900 $84,285,100 Transportation $67,324,900 $71,772,600 $75,407,900 Other $78,023,800 $75,498,100 $28,874,900 Total $1,623,193,100 $1,713,876,200 $1,812,075,000 15
Direct t Spe pending g by Vi Visitor r Type FY FY 2017 2017 All vi visi sitors $1,812 812,07 075, 5,00 000 In pa n paid a d accommoda dations ns $1,176 176,50 505, 5,10 100 VFR FRs $495 95,012 012,100 100 Day t trippe ppers $140 40,557 557,800 800 16
KPI PIs – All ll Vis isitors Econ onom omic Indicators FY2016 FY20 FY20 FY2017 Change ge All visitors 2,468,200 2,710,300 +9.8% Direct expenditures $1,713,876,200 $1,812,075,000 +5.7% Total economic impact $2,827,895,700 $2,989,923,750 +5.7% Jobs created - direct 24,300 24,700 +1.7% Direct + indirect jobs¹ 32,300 32,800 +1.6% Wages paid² $652,041,900 $673,379,500 +3.3% Taxes paid³ $109,430,100 $112,026,600 +2.4% Tourist Development Tax $20,109,853 $21,115,682⁴ +5.0% ¹All people directly employed by visitor spending + jobs created by induced and indirect effects of direct spending by visitors. ²Wages just for direct jobs created by visitor spending. ³Sales, use, and property taxes. 17 ⁴Estimate for FY 2017.
KPI PIs – Visitor ors S Stayi ying in P Paid A Accom ommod odation ons Metric rics FY20 FY2016 FY20 FY2017 Chang nge¹ e¹ Visitors 1,167,350 1,216,580 +4.2% Direct expenditures $1,025,100,500 $1,176,505,100 +14.8% Total economic impact $1,691,415,875 $1,941,233,400 +14.8% Room nights generated 2,618,965 2,639,890 +0.8% Occupancy 72.2% 74.9%² +3.7% Room rates $176.05 $184.02² +4.5% RevPAR $130.54 $141.26² +8.2% Spending/person/day $141 $158 +12.1% ¹Percentage increases from FY2016 to FY2017 were impacted by significant growth in day trippers. 2017 World Rowing Championship and other special events resulted in comparatively strong day tripper numbers in FY2017. ²FY2017 figures weighted by season, e.g., quarter 2, the busiest season is weighted more heavily than quarters 1 and 4. Weighting more accurately reflects annual data, but results in RevPAR figures that do not exactly equal ADR times occupancy rate. 18
Sar araso asota V Visi sitor P Profile 19
Lo Lodging Hotel Hot 37% 37% VFRs Rs 24% 24% Condo, r rental house, B B & B & B, etc. 24% 24% Personal c condo/timeshare 12% 12% Campground 2% 2% Mar arina 1% 1% 20
Purpos ose o e of Trip R Relax & & unwind 75% 75% V Vis isit it w wit ith f frie iends a and relativ ives 37% 37% Family va vaca cation 19% 19% Special e event 12% 12% B Busines ess t trav avel el/confer eren ences es/meet etings 9% 9% Sporting e event 8% 8% 21
Infor ormation Sou ources f for Pl Planning T Trips P Previo ious vis isit it 48% 48% R Recom ommendation on 44% 44% I Internet 44% 44% C Conference, business 5% 5% B Brochures 2% 2% P Print media 2% 2% Broa oadcast m media ia 1% 1% A AAA 1% 1% 22
Internet Infor ormation on Con onsulted V Visi sitSarasota.co .com 30% 30% Visit itSarasota.com/mobile ile s site 26% 26% Trip ip Advis isor 22% 22% Personal s l socia ial l media ia 12% 12% Other Sar aras asota web ebsites es 10% 10% Destin inatio ion s socia ial m l media ia 10% 10% Hotels ls.com 9% 9% 23
Sar araso asota M a Messa essaging S See een Total I Internet et 61% 61% Total T l Tradit itio ional l Media ia 33% 33% Travel l Guid ides/Vis isit itor Guid ides/Brochures 25% 25% AAA 2% 2% Influenced b by Sarasota M Messaging 74% 74% 24
Trip Exper erien ence V Very S Satis isfie ied + S Satis isfie ied 93% 93% R Recommend Sarasota t to friends 85% 85% Plan an t to R Ret eturn t to S Saras asota 81% 81% 25
At Attractions 26
Activ ivit itie ies Visiting Relaxing Beach Dining Out friends & relatives 27
Metho hodo dology • The economic impact of tourism on Sarasota County is based on data collected from 3,014 visitors to Sarasota County. Interviews were conducted throughout the county. • Total economic impact of tourism on Sarasota County is a function of direct spending by visitors in Sarasota County & induced + indirect effects of this spending. • Indirect effects are increased business spending resulting from tourism dollars. • Induced effects are increased household spending resulting from tourism dollars. • Downs & St. Germain Research uses IMPLAN¹ to calculate the economic multiplier for Sarasota County (1.65). ¹Over 1,500 organizations use IMPLAN, which has been used to model the economic impact of tourism since 1992. Agencies such as FEMA, EPA, Federal Reserve Bank, and Bureau of Land Management use IMPLAN. 34
Visit Sarasota Co a Coun unty Economic Impact of Tourism: Fiscal Year 2017 Presentation
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