The Beverly Hills Conference & Visitors Bureau has updated its visitor profile with an economic impact study that measures and tracks tourism’s contributions to the city.
The visitor profile study focuses on visitor activity for 2014 and also compares results and trends to 2007 when the study was last conducted.
The current study reveals record visitor volume and spending levels with strong tourism growth in Beverly Hills over the seven year period.
In fact, more than six million visitors ventured to Beverly Hills in 2014, versus the 4.9 million visitors in 2007, an increase of nearly 24 per cent.
Also, consistent with national trends, the city’s international visitation surged in 2014, now accounting for more than 63 per cent of the city’s total visitors, up more than 20 per cent from 2007.
From an economic standpoint, the study also revealed how significantly travel to Beverly Hills contributes to the city’s economic vitality.
More than $2.1 billion was generated in direct and indirect revenue from visitors, with $46 million generated in associated lodging and sales taxes to the city, supporting nearly 11,500 Beverly Hills jobs and more than $3,000 in equivalent city services for each resident household.
“Beverly Hills has always been a sought after vacation destination and this study not only reflects the fact that more people are choosing to visit Beverly Hills than ever before, but also shines an exciting light how our tourism growth significantly impacts and contributes to the financial strength of our city,” said Julie Wagner, chief executive officer, Beverly Hills Conference & Visitors Bureau.
“As we close our centennial year, which was a tremendous occasion and key driver for tourism to Beverly Hills, we’re thrilled to see this study reinforce that our efforts are paying off and we will continue to work for the future success of this important sector of our local economy.”
The comprehensive Beverly Hills Visitor Profile and Economic Impact Study reports detailed statistics and growth across a range of tourism indicators for 2014 and compared to 2007, including total annual visitor days in Beverly Hills, which grew to 7.1 million in 2014, a nearly 24 per cent rise from 2007.
Beverly Hills hotels generated more than $34 million in Transient Occupancy Tax, a nearly 34 per cent increase over 2007.
Visitor spending in Beverly Hills generated retail sales tax to the city of nearly $12 million, a 44 per cent surge from 2007.
Of visitors’ major spending categories, retail totalled $990 million, accounting for a 71 per cent share of total visitor spend.
This not only contributes to the city’s economic growth, but supports demand for the nearly 100 per cent of leased retail space in the city’s Golden Triangle.
As well, Beverly Hills’ hotel guests, who represent just five per cent of total visitor volume, alone spent more than $776 million, a considerable 46 per cent of total visitor spending.