Convention & Visitor Bureaus in the US - Industry Market Research Report

Last-minute cancellation: The industry will continue to compete with online travel sites, limiting revenue growth

The convention and bureaus industry markets and promotes communities and local facilities to business and leisure travelers. Operators also assist customers in locating meeting and convention sites and planning and supporting associated events. Revenue jumped over most of the past five years, but the negative effects of the pandemic challenged this trend. Stay-at-home orders, social distancing regulations and decreased consumer spending severely hurt the industry in 2020. Although, as the vaccine was rolled out and restrictions were lifted completely, revenue jumped. Overall, revenue has climbed at a CAGR of 1.2% to $3.2 billion over the past five years, including an expected 4.4% rise in 2023. Profit is also expected to climb to 4.6% of revenue in 2023 from 3.9% in 2018. This industry markets and promotes communities and local facilities to business and leisure travelers. Operators assist customers in locating meeting and convention sites. They also provide travel information on an area’s attractions and accommodations and provide maps and information brochures. Operators also organize group tours of local historical, recreational and cultural attractions. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.