Miami is one of the most popular tourist destinations in the United States, attracting millions of visitors every year. It’s a vibrant city with beautiful beaches, rich culture, and endless entertainment options.
But have you ever wondered how much money Miami makes from tourism? Let’s take a closer look.
Overview of Miami Tourism
Miami is known for its warm climate, beautiful beaches, diverse culture, and world-class attractions. The city attracts tourists from all over the world who come to enjoy everything it has to offer. According to data from the Greater Miami Convention and Visitors Bureau (GMCVB), in 2019, Miami welcomed a record-breaking 23.8 million visitors who spent $18.8 billion in the local economy.
How Is the Money Generated?
Tourism is a major contributor to Miami’s economy. It generates revenue through various sources such as hotel stays, restaurant dining, entertainment activities, shopping, and transportation services. The money spent by tourists creates jobs and helps support local businesses.
Hotel Stays
Miami has a vast selection of hotels ranging from luxury resorts to budget-friendly accommodations. According to GMCVB data, in 2019, visitors spent $6 billion on hotel stays alone. This revenue helps support hotel employees and other related industries such as housekeeping services and room service providers.
Restaurant Dining
Miami is known for its diverse cuisine that reflects its multicultural population. Visitors can enjoy anything from fresh seafood to authentic Cuban dishes. In 2019, tourists spent $4 billion on dining out in Miami’s restaurants and cafes.
Entertainment Activities
Miami offers plenty of entertainment options such as museums, art galleries, theme parks, and nightlife venues. Tourists spent $5 billion on these activities in 2019 alone.
Shopping
Miami is a shopper’s paradise with various shopping districts and malls. Visitors spent $3 billion on shopping in 2019.
Transportation Services
Tourists also rely on transportation services such as taxis, ride-sharing apps, and rental cars to explore the city. In 2019, they spent $600 million on transportation services.
The Impact of COVID-19 on Miami’s Tourism Industry
Like many other tourist destinations around the world, Miami’s tourism industry has been heavily impacted by the COVID-19 pandemic. With travel restrictions in place and many businesses closed or operating at limited capacity, the number of visitors to Miami has significantly decreased.
According to GMCVB data, in 2020, Miami welcomed only 7.2 million visitors who spent $5.4 billion in the local economy. This is a significant drop from the previous year and has resulted in job losses and business closures.
Conclusion
Tourism is a significant contributor to Miami’s economy, generating billions of dollars each year. The money spent by tourists supports local businesses and creates jobs for many people. While the COVID-19 pandemic has had a significant impact on Miami’s tourism industry, it remains one of the most popular destinations in the United States and will continue to attract visitors from all over the world with its beautiful beaches, diverse culture, and endless entertainment options.