In case you didn’t know it, National Travel and Tourism Week is underway. This year it runs from May 4-12. The theme this year is Travel Effect – highlighting the effects that business travel has on the overall economy.
And judging from the statistics, there’s reason to celebrate…
A Little Bit of History on How National Travel and Tourism Week Came to Be
Established in 1993 by a joint resolution in the U.S. Congress, National Tourism Week was designated to be celebrated one week every May. President Reagan signed a presidential proclamation urging everyone to recognize the week with ceremonies and activities. And we’ve been doing it every year in May ever since.
The US Travel Association is responsible for marketing the National Travel and Tourism Week. They have an excellent toolkit that event planners, and travelers of all type, can download to help with their event planning needs.
Business Travel Is Having an Impact on the Economy
A recent study by Oxford Economics looked at the effects that business travel has had on the US economy over the last 18 years. And as this year’s theme is the “travel effect”, the results of the study are reason to celebrate.
Some of the study’s findings include:
- in 2012, overall travel generated $1.9 trillion into the US economy
- overall travel generated or supported 14.4 million jobs
- in 2012 alone, business travel created or supported 3.6 8 million jobs
- business travel generated $34.5 billion in local, state and federal tax revenues in 2012
- over the 18 years which the study looked at, for every dollar spent on business travel, US companies received a return of $9.50
- business travel yields $2.90 in profits for every dollar spent
- business travelers have stated that prospects are two times more likely to become customers because of in person meetings
Pres. Obama acknowledged that “tourism contributes to the success of the American and world economies”. Event planners take a bow. This is a week to celebrate your contributions to event planning and business travel as a whole. By reviewing the statistics of the recent Oxford Economics study related to business travel, it’s obvious that the travel industry (which includes event planning) is a major player in our economic growth.