According to a report from the Florida Department of Economic and Demographic Research, Visit Florida’s marketing revenue from fiscal years 2019-22 was just 58 cents for every dollar spent, a significant decrease from the previous period.
Visit Florida, Florida’s tourism marketing organization, returned only 58 cents of every dollar spent in 2023, state officials said.
According to a report from the Bureau of Economic and Demographic Research, Visit Florida’s public marketing in fiscal years 2019-22 generated a positive return on investment of 0.58.
According to the report, investment returns for the 2019-22 fiscal year were significantly lower than the previous two reports, which covered 2016-19 and 2013-2016.
According to the report, in the 2021 report, Visit Florida’s marketing efforts received $3.27 for every dollar spent and had a return on investment of 3.27. This is an increase from the 2018 analysis, which had a return on investment of 2.15.
Legislation enacted in 2013 and 2014 directs EDR and the Program Policy Analysis and Government Accountability Office to analyze economic development incentive programs in certain states every three years.
State payments to Visit Florida have decreased 35.7% since the last review, averaging $48.9 million annually over three years, according to EDR. But the report goes on to say that the U.S. Travel Association reports that the average state funding for tourism in fiscal year 2021-2022 was about $18 million.
Overall, Florida received 134.2 million visitors in 2022, nearly 127 million of whom were domestic travelers, the highest number of visitors from 2016 to 2022.
International travel has rebounded slightly, with 7.2 million international travelers reported in 2022, the slightest increase since the COVID-19 pandemic in 2020, when only 2 million people traveled abroad. I have recovered.
However, contrary to appearances, the Florida Economic Forecasting Council predicts a period of strong growth of approximately 6.4% in 2023-24, before potentially declining to an average of 4.9% in 2024-25. It is said that it has a high degree of sex.
EDR also notes that it believes Visit Florida’s current underlying return on investment is closer to 3.3, which better reflects the program’s long-term goals.
According to the report, Visit Florida’s mission is to promote and promote visitation within and to Florida in hopes of establishing Florida as a number one destination nationally and internationally.
In addition to conducting marketing efforts and national and international advertising campaigns, Visit Florida also researches travel trends and tourism, manages welcome centers, administers reimbursement grant programs, and partners with businesses and destinations.
