SF to Lose $10.7 Billion in Tourism Spending in 2020-21
Thanks to SF Gate for letting us know that the San Francisco hospitality industry has been devastated due to COVID with the forecast of $10.7 in lost visitor spending for 2020 and 2021.
A full recovery not expect until 2025 assuming an effective vaccine or substantial progress against COVID by first quarter 2021.
According to the San Francisco Travel Association, in 2019 more than 26 million people visited San Francisco spending almost $10 billion.
Total tourism spending is expected to reach $3.1 billion in 2020, a 67% drop from last year. That number is expected to rise to $5.5 billion in 2021, still down 42% down from previous years.
Learn More: SF Travel Association 2020 Report (PDF) | SF Gate
Last year the city filed 1.2 million convention hotel room nights. The 2020 numbers is expected to be 122,000.
Domestic travel is expected to recover sooner, with international travel numbers not expected to surpass 2019 numbers until 2025.
International Tourism Forecast
- International visitation remains very limited for Q4 of 2020
- Most international markets will start to rebound in 2021, but will likely not fully recover to 2019 levels before 2024
- International visitor volume to reach pre-COVID levels by 2025; visitor spending by 2024
- Short-term opportunities (2021/2022) in Mexico, Canada and European core markets
- Short-term international visitation will largely depend on easing of travel restrictions, macro-economic factors and availability of a vaccine
- Long-term recovery driven by China, India, Korea and European core markets
