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

The state of the economy and travel-related trends drive the Convention and Visitor Bureaus industry. Over the past five years, the sustained improvement of the domestic economy and rising domestic and international travel rates have helped industry revenue grow despite increasing competition from online travel resources. Furthermore, consumer confidence skyrocketed during the period, prompting more consumers to use industry services. Over the five years to 2022 revenue is expected to continue to grow, as domestic travel rates are set to continue trending upward and inbound travel is expected to rise. Nonetheless, the strengthening US dollar and the proliferation of online travel services will provide the industry with challenges...purchase to read more.

Industry Statistics & Market Size
Annual Growth 12-17
Forecast Growth 17-22

Industry Threats & Opportunities

  • Industry demand is heavily dependent on business and leisure travel trends
  • Visitor bureaus generate a significant proportion of revenue from foreign businessmen
  • Higher corporate profit will prompt companies to use industry services to plan meetings
  • Industry Report - Starting a New Business Chapter

    The barriers to entry in this industry are moderate. This level is based on the initial capital costs required to purchase computer reservation systems, develop and maintain an effective internet presence and meet the cost of marketing through advertisements, brochures and other literature.Established industry operators are often funded by the state government, so competing with major players is also difficult. Additionally, the maintenance of convention center facilities is expensive, and there are costs associated with professional liability insurance and association memberships. The largest barrier to industry entry is introducing a service or destination to the market; many areas are expected to remain unattractive destinations for most tourists and travelers...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. Participants 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. Participants 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
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Inbound trips by non-US residents (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
  • 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

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    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
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    • 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

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