Business 137(Sun, Tue, Wed, Thu) – New York City’s Tourist Industry Is Poised To Rebound

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New York City's Tourist Industry Is Poised To Rebound

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Article

1. A mere two years ago tourists were flocking to New York City in record numbers in order to experience a bite of the Big Apple. Broadway tickets were hard to come by, restaurants required reservations far in advance and the city’s iconic tourist attractions were bursting at the seams with visitors. Things have certainly spiraled downward since then.

2. New York City hosted 66.6 million visitors in 2019 (about 25 percent of the State’s 265.5 million visitors that year), a tenth-consecutive annual record. In 2020, the number dropped to 22.3 million, a 67% reduction, according to the Office of the New York State Comptroller. The Office estimates the industry’s economic impact dropped by 75 percent from $80.3 billion in 2019 to $20.2 billion in 2020. 

3. In addition, employment in the tourism industry declined by 89,000 jobs (31.4 percent) to 194,200 in 2020, from a record 283,200 jobs in 2019. Tourism accounts for 7.2 percent of total private sector employment and 4.5 percent of private sector wages. Tourism indirectly supported 376,800 jobs in 2019.


Do you think the tourism industry will ever recover to pre-covid era?

4. New York City is a top global destination for visitors. The City is also host to conventions and trade shows, and major athletic events such as the New York City Marathon and the U.S. Open. The Office of the New York State Comptroller contends that in its effort to reignite the tourism industry, the City cannot simply rely on vaccinations and reopening – which are necessary steps – for the industry to return, but must also develop a proactive strategy that cultivates and attracts global and business travelers to restore the industry to robust health and return to a path of continuous and shared growth.

5. Fred Dixon, President and CEO at NYC & Company, says, “Opening international travel is critical to New York City’s continued tourism recovery. While international travel comprises 20% of visitor volume in a typical year, it generates 50% of tourism spending and 50% of hotel room nights.

6. International visitors stay longer and spend more. As the number one port of entry for the U.S. and the city with the highest share of overseas travel, the decision to open international borders safely is the news we have been waiting for and the shot in the arm for our industry.”

Are you planning on going anywhere once international travel restrictions are lifted completely?

7. Also, NYC & Company’s tourism projections for 2021 and 2022 are on the rise. Peter Strebel, President of Omni Hotels & Resorts, adds, “I think we are already seeing the rebound of the tourist and travel industry in New York. For our part, Omni Hotels & Resorts is proud to welcome back travelers – both leisure and business – to Omni Berkshire Place. 

8. This hotel is not only a cornerstone of the company’s portfolio, but also a celebrated destination, and we join other hotel brands who continue to re-open, all steps in the right direction. Further, the bright lights of Broadway shine again, world-class dining has returned and floats will take to the skies for the Macy’s Thanksgiving Day Parade, all hallmark milestones that continue to signal recovery, and we are thrilled to be a part of the city’s resurgence and tourism business.”

What should Japan do to attract tourism now?

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