Visit Sarasota Co a Coun unty Economic Impact of Tourism: Fiscal - - PowerPoint PPT Presentation

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Visit Sarasota Co a Coun unty Economic Impact of Tourism: Fiscal - - PowerPoint PPT Presentation

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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

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Visit Sarasota Co a Coun unty

Economic Impact of Tourism: Fiscal Year 2017

Presentation

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Do Docum ument Communica cate te

Purpos

  • se o

e of Econom

  • mic Impact R

Resea earch

Insp spire Inform Ma m Marketing

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Tourism M Matters t to Sa Sarasota Co County

$2, $2,989,923,750

Economic Impact

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2, 2,71 710,300

visitors

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Vi Visitor

  • r T

Trends

2,311, 11,100 100

2, 2,468 468,200 00 2, 2,710 710,300 00

2015 2016 2017

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$967 $967

TO TO SARASOTA C COUNT NTY’S E ECONO NOMY

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VISITOR T TO SARASOTA C COUNT NTY Who stays in paid accommodations

Tourism M Matters t to Sa Sarasota Co County

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$1,205 205

TO TO SARASOTA C COUNT NTY’S E ECONO NOMY

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INTERNA NATIONA NAL V VISITOR T TO SARASOTA C COUNT NTY Who stays in paid accommodations

Glob

  • bal Tou
  • urism M

Matters t to Sarasot

  • ta Cou
  • unty
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24,700 jobs $673,379,500 in wages

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Vi Visi sitors C s Crea eate Jobs s

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VISI SITORS T S TO SARAS ASOTA C A COUNTY TY

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SARAS ASOTA C A COUNTY TY JOB B

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Tou

  • urism’s Impact o
  • n E

Employm yment

22,500 500 30,700 700 23,500 500 32,000 000 24,300 300 32,300 300 24,700 700 32,800 800 Jobs s from D Direc ect Visi sitor S Spe pend nding Job

  • bs from
  • m T

Tot

  • tal E

l Econ

  • nom
  • mic Impact

20 2014 14 20 2015 15 20 2016 16 20 2017 17

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$21, $21,115, 115,683 683¹ TDT paid

1Report was prepared in October 2017 so September TDT figure was estimated. 11
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Vi Visi sitors s s save S Saraso sota C County ty res esidents ts $640

$640

per er h house sehold

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Communicate

VS VSC Marketing ROI

Inspire Inform Marketing

$1 $1 of VSC advertising spending in FY 2017 returned $743 $743 in visitor spending.

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Vi Visi sitors D s Direct ct S Spe pending FY FY 2017 2017

$1,812 812,07 075, 5,00 000 $543 43,470 470,700 700 $535 35,101 101,100 100 $334 34,018 018,900 900 $114 14,201 201,000 000 $96, 6,71 715, 5,400 00 $84, 4,28 285, 5,100 00 $75, 5,40 407, 7,900 00 $28, 8,87 874, 4,900 00 To Total Accommo modat ations Restau auran ants Sh Shopping Attr tracti tions Ent ntertainm nment Gr Grocer eries es Tran ansportat ation Ot Other

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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

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Direct t Spe pending g by Vi Visitor r Type FY FY 2017 2017

$1,812 812,07 075, 5,00 000 $1,176 176,50 505, 5,10 100 $495 95,012 012,100 100 $140 40,557 557,800 800 All vi visi sitors In pa n paid a d accommoda dations ns VFR FRs Day t trippe ppers

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Econ

  • nom
  • mic Indicators

FY20 FY2016 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%

KPI PIs – All ll Vis isitors

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. ⁴Estimate for FY 2017. 17
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KPI PIs – Visitor

  • rs S

Stayi ying in P Paid A Accom

  • mmod
  • dation
  • ns

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
  • ther 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
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Sar araso asota V Visi sitor P Profile

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Lo Lodging

37% 37% 24% 24% 24% 24% 12% 12% 2% 2% 1% 1% Hot Hotel VFRs Rs Condo, r rental house, B B & B & B, etc. Personal c condo/timeshare Campground Mar arina

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Purpos

  • se o

e of Trip

75% 75% 37% 37% 19% 19% 12% 12% 9% 9% 8% 8% R Relax & & unwind V Vis isit it w wit ith f frie iends a and relativ ives Family va vaca cation Special e event B Busines ess t trav avel el/confer eren ences es/meet etings Sporting e event

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Infor

  • rmation Sou
  • urces f

for Pl Planning T Trips

48% 48% 44% 44% 44% 44% 5% 5% 2% 2% 2% 2% 1% 1% 1% 1% P Previo ious vis isit it R Recom

  • mmendation
  • n

I Internet C Conference, business B Brochures P Print media Broa

  • adcast m

media ia A AAA

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Internet Infor

  • rmation
  • n Con
  • nsulted

30% 30% 26% 26% 22% 22% 12% 12% 10% 10% 10% 10% 9% 9% V Visi sitSarasota.co .com Visit itSarasota.com/mobile ile s site Trip ip Advis isor Personal s l socia ial l media ia Other Sar aras asota web ebsites es Destin inatio ion s socia ial m l media ia Hotels ls.com

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Sar araso asota M a Messa essaging S See een

61% 61% 33% 33% 25% 25% 2% 2% 74% 74% Total I Internet et Total T l Tradit itio ional l Media ia Travel l Guid ides/Vis isit itor Guid ides/Brochures AAA Influenced b by Sarasota M Messaging

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Trip Exper erien ence

93% 93% 85% 85% 81% 81% V Very S Satis isfie ied + S Satis isfie ied R Recommend Sarasota t to friends Plan an t to R Ret eturn t to S Saras asota

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At Attractions

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Activ ivit itie ies

Relaxing Beach Visiting friends & relatives Dining Out

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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.
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Visit Sarasota Co a Coun unty

Economic Impact of Tourism: Fiscal Year 2017

Presentation