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Understanding the Economic Impact of Tourism and Its Return on Investment

This presentation by Professor Ray Newton explores tourism as a vital component of economic development. It discusses both direct and indirect impacts, including services, lodging, meals, attractions, and retail businesses. Key statistics from 2008-2009 show declines in spending, employment, and tax revenues that highlight tourism's fluctuating economic role. The discussion further delves into visitor expectations and the retention of vacation memories, emphasizing the financial and emotional ROI of tourism experiences.

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Understanding the Economic Impact of Tourism and Its Return on Investment

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Presentation Transcript

  1. Your Tourism ROI Ray Newton Professor Emeritus Northern Arizona University

  2. Tourism Is Economic Development:Direct Impact • Services – fuel, banks, medical, etc. • Lodging • Meals - Restaurants • Attractions – Cultural, Historical, Recreational (Spectator or Participant) • Retail businesses

  3. Tourism Is Economic Development:Indirect Impact • Jobs • Tax revenues • Community image • Commercial opportunities and growth • Community growth, expansion of goods and services

  4. Recent Trends 2008 - 2009 • Spending declined 10.2 percent • Employment declined 5.7 percent • Tax receipts declined 8.1 percent • Visitation declined 7.5 percent Source: Dean Runyan Associates (Portland, OR)

  5. Visitor Spending Source: Dean Runyan Associates (Portland, OR) 2008 - 2009

  6. 2008 Tax Impact of Tourism Source: Dean Runyan Associates (Portland, OR) Graph 1 and 2

  7. What we Know About Arizona Visitors • See handouts Source: Arizona Office of Tourism

  8. Tourism =Financial ROIAndEmotional ROI • Effective tourism promotion is, “…selling of memories” • Pre visitor expectations are positive • Post visitor memories – positive or negative or both?

  9. Most Vacation Memories • Retention of experiences: • Visual • Emotional • Physical • Sociological • Historical • Educational

  10. Your Personal Tourism ROI • What did you enjoy and why? • What did you not enjoy and why? • Were your expectations met? • Did you have a positive ROI?

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