NASHVILLE – Nashville’s tourism industry remains a key economic driver for the city, generating a record $10.56 billion in visitor spending in 2023, according to the Nashville Convention & Visitors Corp (NCVC). On average, visitors spent $29 million a day throughout the city. The city welcomed a record 16.8 million visitors last year, marking a 4% increase from 2022’s 16.2 million visitors.
Tourism Economics’ latest forecast indicates that Nashville’s hospitality industry continues to thrive and create economic activity, outpacing national trends. While the travel industry faces a slowing economy and weakening household finances, Adam Sacks, President of Tourism Economics, expressed confidence that Nashville’s tourism growth will persist. Despite potential revenue decreases in 2024 compared to 2023, Nashville surpasses other cities in air passenger volume and occupancy rates.
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Travel sentiment remains stable, with 93% of travelers planning trips within the next six months, though inflation may impact their decisions. As inflation decreases and real income rises, travel is expected to remain a priority. Additionally, convention and business travel plans are strengthening.
Cvent, an event planning and marketing company, recently named Nashville the third most popular meetings destination in North America. The city also had four hotels ranked among the top five meetings hotels in North America: Grand Hyatt Nashville, Omni Nashville Hotel, JW Marriott Nashville, and Renaissance Nashville Hotel. Knowland, a meetings and events industry data provider, named Nashville the No. 1 large market for meetings volume growth.
Tourism Economics estimates that 64% of visitors are leisure travelers, while 36% come for conventions and business. The city’s popularity was highlighted earlier this month with a record-breaking weekend for hotels on May 3-4, driven by events such as Morgan Wallen concerts and a Nashville Predators playoff game. More than 75,000 hotel rooms were sold, surpassing the previous record set during the Taylor Swift Eras tour. The hotel occupancy rate for Nashville was 94%, the highest among the top 25 markets nationwide.
As visitor growth stabilizes, with more than 2,000 hotel rooms currently under construction and 13,000 in the pipeline, the industry’s vitality relies on major events and a healthy convention calendar. Nashville was ranked among the top five cities globally for hotel construction pipeline by HotelDive.com.
Projections show steady visitor growth, with forecasts of 17.1 million visitors in 2024 and 17.5 million in 2025. By 2027, when the New Nissan Stadium opens, visitation is expected to reach 18.1 million. By 2033, Nashville is projected to exceed 20 million annual visitors.
Of the 16.8 million visitors in 2023, 11.2 million were overnight visitors and 5.6 million were day visitors. Of those staying overnight, 7.9 million stayed in hotels, 1.2 million in short-term rentals, and 2 million with friends and family. Visitor spending in 2023 increased by 5.9% over 2022, with forecasts predicting growth to $10.84 billion in 2024 and $12.07 billion by 2027.
International visitors are also on the rise, with forecasts predicting 453,000 in 2024, exceeding the pre-pandemic 2019 record by 16%. By 2026, Nashville is expected to welcome over half a million international visitors, a 42% increase over 2023.
The Nashville Convention & Visitors Corp and Visit Music City aim to maximize the economic contribution of the convention and tourism industry by developing and marketing Nashville as a premier destination. For more information, visit the NCVC’s website at www.visitmusiccity.com and follow on social media @VisitMusicCity.
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Severe Weather Warning for Memorial Day Weekend
The National Weather Service has issued a Slight Severe Weather risk for Metro Nashville Davidson County on May 22, 2024, with strong thunderstorms, damaging winds, and heavy rain expected. Additional severe weather, including a potential tornado threat, is forecast for Memorial Day weekend. Residents are advised to take precautions, stay updated through local weather sources, and prepare for possible power outages.