The state of the economy and travel-related trends drive the Convention and Visitor Bureaus industry. The decline of the domestic economy and increased unemployment forced consumers to be more selective about how they spent their disposable income. As consumers and companies cut down on spending across the board, they were less likely to spend money on luxuries like vacations and nonessential business trips. Travel spending will pick up over the next five years, facilitating industry growth. However, more consumers will look to the internet for the same services, heightening competition.
This industry markets and promotes communities and local facilities to business and leisure travelers. Participants assist customers in locating meeting and convention sites. They also provide travel information on an area’s attractions and accommodations and provide maps and information brochures. Participants also organize group tours of local historical, recreational and cultural attractions.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.