Move along: Growth in travel will aid industry demand, but online services pose a threat

Overall, revenue is forecast to rise at an annualized rate of 4.8% to $2.4 billion during the period, including 1.4% growth in 2018 alone. Growth is expected to have slowed somewhat in the latter half of the period, as the strengthening of the US dollar has discouraged international travelers, particularly those from Canada. As the economy continues to strengthen, domestic travel rates are set to continue trending upward and inbound travel is expected to rise, despite currency concerns. Over the five years to 2023, domestic travel and inbound travel are forecast to grow at respective annualized rates of 1.6% and 3.6%, respectively. As a result, industry revenue is anticipated to rise at an annualized rate of 1.5% to $2.6 billion during the period...purchase to read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 13-18
4.8%
Forecast Growth 18-23
Profit
Employment
12,025
Businesses
2,788

Industry Threats & Opportunities

  • Industry demand is heavily dependent on business and leisure travel trends
  • The biggest boost for the industry has come from foreign business and tourists
  • The additional infusion of tourist dollars will bolster revenue for convention and visitor bureaus
  • Industry Report - Industry Key Buyers Chapter

    This industry has a low level of concentration, with the top three convention and visitor bureaus accounting for 29.8% of revenue. Large operators in traditional tourist areas are better able to exploit economies of scale than smaller operators. With more accommodations available and a wider selection of entertainment and leisure options to market to potential guests, these large operators can ostensibly market a more enjoyable experience than smaller operators in less traditionally tourism-centric locations can. They can also respond more quickly to customers' preferences, particularly in relation to online infrastructure that enables individuals to browse operators' sites and book travel arrangements at their convenience. Lar...purchase to read more.

    Additional Insights for the Convention & Visitor Bureaus Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Convention & Visitor Bureaus Industry are

  • Market research and understanding
  • Access to multiskilled and flexible workforce
  • Ability to take advantage of government subsidies and other grants
  • IBISWorld analysts also discuss how external factors such as Consumer spending and Domestic trips by US residents in the Convention & Visitor Bureaus industry impact industry performance..

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    What's in this report

    What is the Convention & Visitor Bureaus Industry?

    This industry markets and promotes communities and local facilities to business and leisure travelers. Operators assist customers in locating meeting and convention sites. They also provide travel information on an area’s attractions and accommodations and provide maps and information brochures. Operators also organize group tours of local historical, recreational and cultural attractions.

    Industry Products
  • Convention conference and meeting planning
  • Visitor information and sightseeing tour services
  • Convention support, travel reservation and other services
  • Industry Activities
  • Promoting tourism through marketing strategies
  • Convention and conference meeting support
  • Convention and conference meeting planning
  • Providing visitors with information
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Consumer spending
  • Domestic trips by US residents
  • Inbound trips by non-US residents
  • Consumer Confidence Index
  • Corporate profit
  • Time spent on leisure and sports

  • Current Performance
  • Domestic growth
  • Crossing borders
  • Uphill battle
  • Chart: Revenue Growth

  • Industry Outlook
  • Continuing to rebound
  • Remaining challenges
  • Table: Convention & Visitor Bureaus Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Convention & Visitor Bureaus Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Travel Agencies
  • Tour Operators
  • Trade Show and Conference Planning
  • Hotels & Motels
  • Sightseeing Transportation

  • Key Selling Industries
  • Computer Stores
  • Graphic Designers
  • Office Supply Stores
  • Quick Printing
  • Trade Show and Conference Planning

  • Products & Services
  • Convention conference and meeting planning
  • Visitor information and sightseeing tour services
  • Convention support, travel reservation and other services
  • Chart: Convention & Visitor Bureaus Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Business travelers
  • Leisure travelers aged 34 and younger
  • Leisure travelers aged 35 to 54
  • Leisure travelers aged 55 or older
  • Chart: Major Market Segmentation for the Convention & Visitor Bureaus Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Purchases and profit
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Convention & Visitor Bureaus

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Convention & Visitor Bureaus Industry

  • Industry Globalization
    Las Vegas Convention and Visitors Authority, Visit Florida, Hawaii Tourism Authority,
  • Table: Las Vegas Convention and Visitors Authority - financial performance
  • Table: Visit Florida - financial performance
  • Table: Hawaii Tourism Authority - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Convention & Visitor Bureaus Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Convention & Visitor Bureaus Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Inbound trips by non-US residents (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Convention
  • A large meeting or conference that typically takes place over several days and brings together individuals with a shared interest.
  • Packaged Tour
  • A tour that includes prearranged and prepaid air travel, accommodations and other activities (e.g. sightseeing).
  • Visitor Bureau
  • An organization that provides information services to tourists and undertakes general tourism promotional activities for a state or city.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Convention & Visitor Bureaus Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
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    This report on Convention & Visitor Bureaus:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Convention & Visitor Bureaus market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Convention & Visitor Bureaus, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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