Anyone who's been out in the city has noticed the increase in tourists. A new hospitality market report on New York City breaks down some of the reasons why.
- International tourists are returning. According to Expedia’s Q1 2022 Travel Recovery Trend Report, New York is one of the top 10 cities across all regions (NORAM, LATAM, EMEA, APAC).
- Business travel is returning. Business historically has made up one-fifth of NYC travel; after pandemic era drops, this year is projected to see a major recovery, to 2.3 times what the city saw a year ago and closer to norms.
- Hotels are reopening. Over 30,000 keys have returned to Manhattan and Brooklyn inventory, which stands at 94% of pre-pandemic levels. Guests are willing to spend, too. The latest occupancy numbers (below) show a remarkable average daily rate north of $300. Worth noting: New York's luxury hotel market is booming.
The headlines beyond NYC tell a similar story.
- Worldwide travel and tourism revenues are forecast to be up 45% over last year, with next year's earnings projected to be an additional 20% higher.
- Corporate event spending is expected to rise 83% next year.
- September's meeting volume hit 90% of pre-pandemic levels.
PLANNING FOR VISITORS
- Two-thirds of Americans will make a fall trip, and 80% of those travels will be domestic; New York and cities in general remain top destinations.
- Millennial marketing may be in order: the cohort is expected to spend more than last year.
- (Baby Boomers are also coming back at accelerated rates.)
- Higher-income households plan to increase their leisure travel spending.
- Covid is no longer holding travelers back (the economy is now a bigger concern).
As Hayley Berg, lead economist for the travel website Hopper, told Yahoo Finance, “We’re expecting to see a huge surge in travel over this holiday season. We know that travelers have pent-up demand for holiday travel traditions, visiting family, vacations, and we're expecting to see a very busy holiday season."
Nina Chanel Abney "San Juan Heal," 2022, Latex ink and vinyl mounted on glass. Commissioned by Lincoln Center for the Performing Arts in collaboration with The Studio Museum in Harlem and Public Art Fund. Photo: Nicholas Knight, courtesy Lincoln Center for the Performing Arts, The Studio Museum in Harlem, and Public Art Fund.
NYC NOTES
- The Statue of Liberty's crown has reopened
- Carbone, Marea, and Peter Luger lose Michelin stars (but city is now up from 68 to 73 starred restaurants)
- Broadway merchandise shop One Shubert Alley will reopen
- Four Seasons hotel in standoff with Beanie Babies mogul and could stay shut for years
- David Geffen Hall, new home of the New York Philharmonic, is now open
- Macy’s Herald Square will debut flagship in-store Toys“R”Us shop this weekend
- New York Hall of Science to reopen on Saturday
- ANIME NYC announces 2022 Javits Center convention, November 18th-20th
- New York Travel & Adventure Show to return to Javits for second annual show, January 28th-29th
- Chicago's Second City expanding to Brooklyn
- American Museum of Natural History's Richard Gilder Center for Science, Education, and Innovation to open on February 17th
BEYOND NYC
- Travel agencies having a big rebound year
- U.S. industry leaders confident of recovery, expecting return of U.K. and continental Europe markets
- Hotel rates rise, but rate of increase slows; NYC projected to increase 8.2% next year
- American Hotel & Lodging Association confirms staff shortages among hoteliers
CLOSING TIME
- After 30,000 trips, THE RIDE ends its run
- Le Privé and Casa Del Toro shutter amid embezzlement allegations
- Broadway's A Strange Loop sets January 15th closing date
- Bread & Tulips in Nomad is done after 11 years
