New study unveils growth surge in 2014 from 2007, with Beverly Hills annual visitor volume rising to more than six million and more than $2.1 billion of total spending in the CityThe Beverly Hills Conference &Visitors Bureau (BHCVB) recently updated its visitor profile and 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 6 million visitors ventured to Beverly Hills in 2014, versus the 4.9 million visitors in 2007, an increase of nearly 24 percent. Also, consistent with national trends, the city’s international visitation surged in 2014, now accounting for more than 63 percent of the city’s total visitors, up more than 20 percent 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 HillsConference & 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 grew to 7.1 million in 2014, a nearly 24 percent rise from 2007.
• Beverly Hills hotels generated more than $34 million in Transient Occupancy Tax (TOT), a nearly 34 percent increase over 2007.
• Visitor spending in Beverly Hills generated retail sales tax to the city of nearly $12 million, a 44 percent surge from 2007.
• Of visitors’ major spending categories, retail totaled $990 million, accounting for a 71 percent share of total visitor spend. This not only contributes to the city’s economic growth, but supports demand for the nearly 100 percent of leased retail space in the city’s Golden Triangle.
•As well, Beverly Hills’ hotel guests, who represent just 5 percent of total visitor volume, alone spent more than $776 million, a considerable 46 percent of total visitor spending.
Beverly Hills Conference & Visitors Bureau conducted the visitor profile and economic impact study with Lauren Schlau Consulting, a Los Angeles market research firm specializing in the travel and tourism industry. The firm conducted similar studies which analyzed the same visitor numbers and trends in 2004 and 2007, so as to track visitor trends and growth in the market over time.