This Hawaai Tourism Spend Analytics Forecast market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Hawaai Tourism Spend Analytics Forecast market.
Tourism forms an important sector of the economy of Hawaii and contributes to the economic prosperity of the region. Tourism contributes to job creation and gives an impetus to the local economy. The tourism economy of Hawaii suffered a lot due to the Great Recession of 2007 and 2008 but is now at par with the pre-recession levels and tourists are coming to Hawaii in record numbers.
Hawaii Tourism Spend Analytics & Forecast: Sector Drivers and Restraints
A lively, sunny tropical weather is a major factor driving the tourism industry in the Hawaii islands. In addition, a major factor impacting tourism in the region is the excellent infrastructure facilities provided for tourists, which acts as a major driver for tourism. In addition, Hawaii is a popular destination for international tourists coming from China, Japan and South Korea and domestic tourists coming from the West Coast and East Coast. Tourism in Hawaii is growing in record numbers and its reputation for being a tropical paradise with pristine beaches and a rich culture and history makes Hawaii an attractive destination for tourists. However, as Hawaii is far from the US mainland, there is a huge cost in transporting products for everyday use, which makes Hawaii a comparatively expensive destination for tourists. Besides, a huge influx of tourists is also taking a toll on the pristine natural beauty of this region and may act as a restraint on the tourism sector in Hawaii.
Hawaii Tourism Spend Analytics & Forecast: Key Statistics
In the year 2015, a record breaking 8,679,564 tourists arrived in Hawaii by air or by cruise ships as per the data provided by the Hawaii Tourism Authority. This is an increase of 4.3% from the previous record of 8,320,785 tourists in the year 2014. As per the data provided by the same source, total visitor days have also increased by 3.5% in the last year. However, the average spending per visitor, which was $196 per tourist in the year 2014 decreased to $191 in the year 2015. This had a bearing on the total expenditure by all tourists in the year 2015, which came to a figure of $15.11 billion, and was just a marginal increase from the 2014 figures. On the other hand, the total tourist expenditures declined 1.6% as compared to 2014 when the receipts were adjusted for inflation.
As per the figures provided by the Hawaii Tourism Authority, lodging was the largest expenditure category by all tourists to Hawaii, and in the year 2015 this rose 1.8% to reach a figure of $6.3 billion. This comprised a total of 42% of the total tourist expenditure in the year 2015. Food and beverage was the second largest category and comprised 20% of the total tourist spending, to reach a figure of $3.1 billion. However, shopping expenditures declined 5.1% as compared to the 2014 figures and reached a figure of $2.2 billion. In addition, spending on transportation increased by 2.7% as compared to the 2014 figures and reached a figure of $1.4 billion. Expenditures on recreation increased by 1.8% as compared to the 2014 figures to reach a figure of $1.3 billion in the year 2015.
In addition, as per the figures provided by the Hawaii Tourism Authority, in the year 2015, supplemental business expenditures rose to a figure of $134.1 million, which rose by 9.8% as compared to the 2014 figures. Supplemental business expenditures are additional business expenditures spent locally on corporate meetings by out of the state visitors, which are not included in personal spending and are usually costs on venue and equipment rentals, transportation, etc.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
What Can Readers Expect from this Report?
- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
- Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers
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Hawaai Tourism Spend Analytics Forecast
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Hawaai Tourism Spend Analytics Forecast report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Hawaai Tourism Spend Analytics Forecast. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Hawaai Tourism Spend Analytics Forecast report?
In addition to up-to-date market figures and customized of the Hawaai Tourism Spend Analytics Forecast, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.