WASHINGTON, D.C.
The U.S. Travel Association has released a compelling new analysis of the economic impact of the annual IPW (formerly known as International Pow Wow), the U.S. travel industry's premier international marketplace that convenes more than 6,000 travel buyers, media and suppliers from 70-plus countries for three days of intensive deal-making.
A comparison of the economic impact of the 2013 IPW event in Las Vegas with a similar study of the 2012 Super Bowl in Indianapolis shows that, while the Super Bowl attracted more attendees, the measurable total impact of IPW is longer—three years as opposed to four days—and significantly larger across key economic categories.
For the host city, IPW produced more than four times as many direct expenditures; delivered more than five times the amount of GDP value-added direct impact; and generated greater tax revenues across the local, state and federal levels.
The 46th annual IPW will be held April 5-9 in Chicago.
"We always knew that IPW delivers super-sized economic benefits to the U.S. host city and the United States. We now know those effects are Super Bowl-sized," said U.S. Travel Association President and CEO Roger Dow. "A city's investment in IPW is the gift that keeps giving, paying dividends over three years in the form of more international visitors and spending in the host city and throughout the country."
For the U.S. host city, the report—conducted by research consulting firm Rockport Analytics, LLC—found that IPW, as evidenced by its effect on Las Vegas, results in:
- A 1.06 million increase in the total number of international visitors over the next three years.
- An increase in tourism spending of $1.6 billion.
- A direct economic benefit of $891 million.
For the United States, travel initiated by IPW 2013 will:
- Attract 8.8 million additional international visitors.
- Increase total international visitor spending by $28 billion.
- Add $4.7 billion in direct bookings to U.S. destinations over the next three years.
- Directly contribute $16 billion to U.S. GDP.
- Support 114,900 U.S. jobs annually.
- Add $11 billion in U.S. wages.
- Contribute more than $4.2 billion to state, local and federal tax revenues.
Rockport Analytics' period of analysis matches the travel booking cycle, recognizing that travel is booked up to three years in advance. The firm's earlier study of the 2012 Super Bowl determined that the game's duration of significant economic impact lasted four days.
"Inbound international travel is an economic no-brainer, and that's what IPW is all about," Dow said. "Because it is exclusively comprised of foreign dollars, inbound travel is an export-and creates the third-largest trade surplus of any U.S. industry, in fact.
"President Obama knew what he was doing two years ago when he set the goal of attracting 100 million international visitors annually by 2021. The travel community is doing all we can to meet that mark, and largely thanks to the success of efforts like IPW, we're going to do it."
For information on IPW 2014 in Chicago, April 5-9, please visit: www.ipw.com.
