Missouri Division of Tourism COVID 2020 Impact Report

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by  Missouri Department of Economic Development, Division of Tourism

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COVID 2020 IMPACT REPORT
2019 TO 2020 COMPARISONS
Report Compiled by the MDT Research Team
Data Sources utilized: Tourism Economics, Missouri Department of Labor, and STR lodging reporting
Produced January 2021
Missouri Tourism Industry Monthly Travel Spending Losses
2019 Compared to 2020
(March-December)
The COVID-19 pandemic reached
Missouri with the first case
$ millions, year-over-year change
reported in early February 2020.
$0 r r r
• Significant drops in demand began in March.
-$200
• Visitors were restricted from travel or
unwilling to travel due to health concerns.
-$400
• Through December 2020, estimated lost
-$444 -$442
visitor spending is $6.6 billion. -$479
-$513 -$509
-$600
-$631
-$676
-$713
-$800
-$1,000
-$1,034
-$1,129
-$1,200
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2 Source: Tourism Economics
Missouri Weekly Lodging Losses
2019 compared to 2020
• Occupancy statewide
early in March was (March-December)
down 6%. By the first
Occupancy % of Change from Prior Year
week of April, it had
dropped to a 72% loss
0%
in occupancy. -6.0%
-10%
• The Occupancy change -21.6%
-20%
compared to last year
-30.4% -31.4% -29.9% -28.6%
by the end of -30%
December was showing
-40%
-38.5%
a drop to -28.6%
-41.4%
-50%
• The 41.4% year over
-60%
year occupancy loss
average March thru -70%
December for the state -72.1%
-80%
was devastating.
7 4 1 8 4 1 8 5 2 9 6 3 0 6 3 0 7 4 1 8 5 1 8 5 2 9 5 2 9 6 3 0 7 4 1 7 4 1 8 5 2 9 6
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Source: STR Lodging Stats
Missouri Weekly Lodging Losses
2019 compared to 2020
(March-December)
Cumulative revenue losses from mid-February thru December total $1.04 billion.
• Losses in room revenue were most severe during the initial lockdown and travel restrictions imposed in March 2020.
• August room revenue registered the least loss from the prior year but remained significantly lower than 2019 room revenue.
Lost Lodging Revenue in 2020 Compared to 2019
$0
ns u - - - - - - - - - - - - - - - - - - - - - -11- - - - - - - -
Millio -$5 -$2.9 ------ - -- - ------ - -U- ------ _JJLJ ___ - 11_11
~~
-$10
-$8.2
-$10.7
-$11.5 -$11.4
-$15
-$15.3
-$18.0
-$20
-$18.7
-$21.2
-$25
-$26.3
-$27.5
-$30
-$30.4
-$35
-$40
-$40.5
-$45
7 4 1 8 4 1 8 5 2 9 6 3 0 6 3 0 7 4 1 8 5 1 8 5 2 9 5 2 9 6 3 0 7 4 1 7 4 1 8 5 2 9 6
Mar Mar 1 Mar 2 Mar 2 Apr Apr 1 Apr 1 Apr 2 May May May 1 May 2 May 3 Jun Jun 1 Jun 2 Jun 2 Jul Jul 1 Jul 1 Jul 2 Aug Aug Aug 1 Aug 2 Aug 2 Sep Sep 1 Sep 1 Sep 2 Oct Oct 1 Oct 1 Oct 2 Oct 3 Nov Nov 1 Nov 2 Nov 2 Dec Dec 1 Dec 1 Dec 2
Source: STR Lodging Stats
Missouri Employment Losses
2019 compared to 2020
Leisure and hospitality jobs in Missouri
By fiscal year, thousands of jobs
Fewer visitors and less visitor
spending translates to fewer industry
350
jobs.
__ - - - - - - -
300 ..., ,. __ .
• As would-be travelers stayed home, .....
tourism-related industries realized fewer
250
sales. Less visitor spending results in fewer
88.8%
jobs.
200
• In the broad Leisure and Hospitality
supersector, employment reached a trough
Leisure and hospitality jobs
in April at nearly half of February levels. This 150
53.9%
corresponds to more than 130,000 industry
Feb 2020 level
jobs lost in Missouri. 100
% of Feb 2020 level
• After recovery over the summer, Leisure and Sources: Bureau of Labor Statistics,
Tourism Economics
Hospitality jobs in November were at nearly 50
81% of February levels, with a difference of
60,000 jobs still to recover. 0
Jan-19 Jul-19 Jan-20 Jul-20
.
Source: Tourism Economics
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Missouri Visitor Volume Losses
2019 compared to 2020
Total visitor volume in Missouri
By calendar year, millions of visitors
Visitation to Missouri fell an
estimated 35.1% in 2020, as
43.5
travel remained affected by 41.8 42.0 42.5
41.0
the economic downturn
As travel restrictions and low 28.2
traveler sentiment remained
widespread throughout 2020,
visitation fell in Missouri from
43.5 million in 2019 to a record
low of 28.2 million in 2020 --
the lowest recorded visitation
as far back as MDT research
team has records (1995).
2015 2016 2017 2018 2019 2020
Source: Tourism Economics
6
Missouri Tax Revenue Losses
2019 compared to 2020
State and local tax revenues in Missouri
Losses in travel and tourism
By calendar year, USD billions
translated into a 45.3%
drop in tax revenues from
$1,508.3
$1,442.8
the previous year $1,397.6 $1,418.2
Low levels of visitation and
spending made for less visitor
spending and resulted in a
$825.4
$682.9 MILLION decline in
local and state taxes collected.
2016 2017 2018 2019 2020
Sources: Missouri Department of Revenue and Tourism Economics
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