The U.S. Travel Association has released a new analysis of the economic impact of IPW (formerly known as International Pow Wow), U.S. Travel's international marketplace.
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 and visitors, the measurable 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.
Focusing on the forthcoming 2017 IPW in Washington D.C., U.S. Travel notes that more than 6,000 travel buyers, media and suppliers from 70-plus countries could attend the June 3-7, 2017 IPW. U.S. Travel said this will be the first time that the nations capital has ever hosted the event in its 40-year history.
"The hospitality industry is an immensely important and integral part of our local economy, one that we are committed to growing and developing," said Mayor Vincent C. Gray of Washington, DC. "This is yet another great opportunity to showcase our nations capital to a diverse group of travel professionals from across the globe, and we are delighted to host this gathering."
For the 2017 event in Washington, DC, the report conducted by research consulting firm Rockport Analytics, LLC found that IPW, as evidenced by its effect on Las Vegas, will result in:
- A 1.06 million increase in the total number of international visitors in years 2018-2020;
- An increase in tourism spending of $1.6 billion; and
- A direct economic benefit of $891 million.
"Hosting IPW involves a tremendous commitment of effort and resources by the host city, but this study proves that the investment has an enormous payoff," said U.S. Travel president Roger Dow. "DC has all the ingredients of a successful IPW venue I can think of few better settings to sell the U.S. as a
destination for foreign travelers, which is what IPW is all about. Were happy to be able to demonstrate that the great work DC is doing to stage the event has a clear and measurable benefit for the city and its citizens."
The 46th annual IPW will be held April 5-9, 2014, in Chicago.
According to U.S. Travel, 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, U.S. Travel says.
"The economic impact of IPW will be felt throughout the city by all sectors of the hospitality industry from hotels and attractions to transportation services and restaurants," said Elliott L. Ferguson, president and CEO of Destination DC.
"This is an extraordinary chance for us to showcase all of the development that has truly transformed the city in recent years and all of the ways that we continue to invest in making DC the best destination in the world."