IAAPA, the global association for the attractions industry, has revealed the results of a new study which extends its economic analysis of the attractions industry to the 27 countries/markets in Latin America and the Caribbean.
This extensive study, commissioned by IAAPA, was conducted by Tourism Economics in 2023 and compiled using data from 2022. It is the first to encompass all attraction categories and provides a comprehensive assessment of the industry’s economic impact.
It now includes a wider range of attractions, such as zoos and aquariums, museums and science centres, historical, cultural, or natural attractions, and other themed attractions. These augment the previous focus categories of theme and amusement parks, water parks, and family entertainment centres (FECs).
Significant economic contribution
The research assesses the attractions industry’s economic impact by looking at two factors, direct impacts, and indirect and induced impacts.
Direct effects comprise the money spent, jobs created, and salaries that are generated at the attractions. This includes ticket income, sales of food and drink, retail purchases, and others. It also includes spending at hotels, restaurants, shops, transport, and other off-site spending triggered by a visit.
Indirect and induced impacts come from the attractions industry’s supply chain and are caused by the provision of necessary services, which in turn need resources from other companies. As a result of households spending their income, this ripple effect creates increased economic activity throughout the entire economy.
Paulina Reyes, VP and executive director for Latin America Caribbean at IAAPA, says: “This comprehensive study marks a significant milestone in our understanding of the attractions industry’s economic impact in Latin America and the Caribbean.
“By examining all attraction categories and evaluating their contributions through various economic channels, we gain valuable insights into the industry’s role as a driver of economic growth and development in the region.”
The study’s primary findings include:
- Total revenue impact. The combined revenue impact of the attractions sector throughout the surveyed countries totals $30.1bn USD.
- Employment. The industry employs 828,400 people, with 528,100 in direct employment and another 300,300 in indirect and induced employment.
- Tax contributions. The attractions sector pays $2.8bn USD in total taxes, which supports public services and infrastructure development throughout the region.
These findings demonstrate the attractions industry’s considerable economic contribution to the Latin American and Caribbean economies, particularly its significance as a source of revenue, employment creation, and tax revenue.
IAAPA continues to be dedicated to providing its members with information and resources that promote growth and quality in the global attractions sector.
Recently, IAAPA shared key highlights from IAAPA Expo Asia 2024, ahead of the event in Bangkok, Thailand, from 27 – 30 May on the theme “Shape Your Evolution at IAAPA Expo Asia: Evolve your business into a leading market player”. This event will gather entertainment experts and industry leaders from around the world to explore future trends and the current state of the attractions business in Asia and globally.
