Issue link: https://digital.copcomm.com/i/1524031
B M & T ••• July/August 2024 ••• www.blackmeetingsandtourism.com 49 T R AV E L D A TA The New Jersey Divis- ion of Travel and Tourism (NJTT) recently released the "2023 Economic Impact of Tourism in New Jersey" study at the New Jersey Tourism Industry Association's (NJTIA) annual Advocacy Day, heralding the industry's complete recovery as it surpassed 2019 records. Annual visitor volume surpasses 2019 levels According to the state's independent research partner, Tourism Economics, visitation to New Jersey increased more than 5% year-over-year in volume to 120.5 million from 2022's level of 114.6 million visitors, registering 4% higher than 2019 record level of 116.2 million. These numbers reflect strong demand for New Jersey's travel product with sus- tained strength in both day and overnight visitor categories. Visitor spending exceeds 2019 levels by 6% and 2022 levels by 8% The combined effect of recovered demand and rising prices propelled visi- tor spending to $49.1 billion, which was 6% above 2019 levels and 8% over the previous year. Total expenditure by day visitors hit an all-time high of $6.372 mil- lion, exceeding 2022's record figures by more than 11%. Spending grew across all sectors with overall visitor spend gener- ating a total economic impact of $78.3 billion for New Jersey and a total of $5.2 billion in state and local tax revenues. "We are happy to report strong travel and tourism activity for New Jersey that resulted in significant state economic impacts," said Governor Phil Murphy. "Our visitors and friends spent more than $49 billion in the Garden State last year, or $134 million each day, revealing the tremendous appreciation travelers have for all that New Jersey has to offer. I extend my thanks to the outstanding workers within the tourism industry, as well as the people of New Jersey, for serving as excellent ambassadors of our state." "New Jersey enjoyed another rev- enue-growth year for tourism in 2023, underscoring the important role the industry plays not just for the state but for all New Jerseyans," said Lieutenant Governor Tahesha Way, who oversees the NJTT in her capacity as New Jersey Secretary of State. "Tourism generated $5.2 billion in state and local taxes alone, while also supporting more than 501,000 jobs." All visitor spending categories show growth trends with food and beverage leading By category, visitor spending on food and beverage grew fastest at 10% year- over-year, reaching 10% above 2019 lev- els. Strong year-over-year spending growth was also seen in recreation, grow- ing 9% to register 6% above 2019 levels. Despite lower gasoline prices, the ongo- ing recovery in air travel boosted trans- portation spending 8% versus the prior year to 5% above 2019 levels. Meanwhile, retail spending recovered to 1% above pre-pandemic levels after increasing 7% year-over-year in 2023. Lodging spending growth of 7% relative to 2022 was driven by year-over-year hotel accommodation growth of 12%, while spending on second homes and casinos revenue increased 4% and 2%, respectively. Key findings from the "2023 Economic Impact of Tourism in New Jersey" study New Jersey welcomed 120.5 million total visitors in 2023, up nearly six million visitors from 2022, with visitation increas- ing 5% year-over-year and reaching 4% above 2019's banner-year volumes. Visitors spent $49.1 billion in New Jersey in 2023, up $3.7 billion from 2022. Visitor industry GDP equaled $23.7 billion in 2023, accounting for 3.0% of total New Jersey GDP. The $49.1 billion in visitor spending means that approximately $134 million was spent every day by visitors in New Jersey. Visitor spending generated $5.2 bil- lion in state and local taxes in 2023, equivalent to $1,520 in tax savings for every household in New Jersey. Visitor activity sustained 501,014 New Jersey jobs (or 1-in-12), represent- NEW JERSEY TOURISM SURPASSES RECORD PRE-PANDEMIC LEVELS WITH INCREASED VISITORS AND EXPENDITURE IN 2023 Strong Summer 2024 Forecast and Creative "Little State, Lotta Wow," Marketing Campaign Provide Additional Optimism