Black Meetings and Tourism

May / June 2016

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Page 38 of 52

B M & T ••• May/June 2016 ••• 38 T R AV E L DATA D uring the month of February 2016, domestic passenger arrivals into Miami International Airport (MIA) increased by 6.8% com- pared to 2015. International passenger arrivals increased by 1.1% while total passenger arrivals increased 4.1% percent compared to the same time last year. TRAVEL AND TOURISM IN THE US TO 2020 SUMMARY: Due to a stronger US dollar inbound tourism recorded slower growth in 2015 compared to 2014 while domestic and outbound tourism registered strong growth. As a result trips to Canada in particular increased sharply in 2015. Moderate economic growth supported the rise in domestic and outbound tourism. Over the forecast period domes- tic trips are expected to increase at an average annual rate of 1.7% while inbound and outbound tourist volumes are projected to expand at a CAGR of 3.3% and 4% respectively. KEY FINDINGS: • The travel and tourism sector in the US demonstrated moderate growth in 2015. Domestic arrivals grew by 2.4% with 2.2 billion trips while expenditure was up by 28% and stood at US$720.7 billion. This increase can be attributed to moderate economic growth and decreas- ing unemployment rates. Visiting friends and relatives (VFR) is the key purpose for taking domestic trips in the US. Due to a stronger US dollar outbound trips recorded robust growth in 2015 while international arrivals' growth slowed in comparison to 2014. Canadian arrivals to the US plunged by -1.8% in 2014 and -4.4% in 2015. The growth of inbound trips slowed from 7.1% in 2014 to 2.9% in 2015 while out- bound trips were up by 7.2% in 2015 and totaled 73.2 million. Outbound expenditure stood at US$238.9 billion in 2015 and inbound expenditure valued US$193.7 billion The consolidation wave that took place in the last decade resulted in fewer airlines dominating at several airports in the US. This has enabled them to charge higher prices; domestic airfares have risen by 5% over the last decade after adjusting inflation. Today among 100 big airports a single airline dominates at 40 airports in terms of seats available. One or two airlines currently domi- nate at 93 airports • The expanding hotel industry in the US is attracting offshore capital and drove acquisitions in 2015. According to JLL a global real estate serv- ices firm acquisitions valued US$10 billion dur- ing the first half of 2015 an increase of 77% over the corresponding period a year ago. China's relaxation of restrictions on insurance firms' investments in the overseas market in 2012 and the ongoing slowdown in the domestic real estate market is encouraging Chinese insurers to look for attractive assets globally. In 2014 Anbang Insurance Group which is based in China bought Waldorf Astoria from the Hilton Hotel Group for US$2 billion THE REPORT • Travel and Tourism in the US to 2020 - provides detailed information on the country's tourism sector analyzing market data and pro- viding insights. This report provides a better understanding of tourism flows expenditure and the airline hotel car rental and travel inter- mediaries industries. WHAT ELSE DOES THIS REPORT OFFER? • Historic and forecast tourist volumes covering the entire US Travel and Tourism sector • Detailed analysis of tourist spending patterns for various categories such as accommodation sightseeing entertainment foodservice trans- portation retail travel intermediaries and others • Analysis of trips by purpose and mode of transport and expenditure across various categories including domestic inbound and outbound tourism with analysis using similar metrics • Analysis of the airline hotel car rental and travel intermediaries industries by customer type - leisure and business travelers RECORD MIAMI PA S S E N G E R A R R I VA L S

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