The Economic Value of Tourism in NSW
Unlocking the Economic Treasure Trove of Tourism in NSW
When it comes to the beautiful state of New South Wales (NSW), there’s more to it than just its breathtaking landscapes, sunny beaches, and wonderful wildlife. Yes, you guessed it right – we’re talking about the golden ticket to the economic success of NSW: the thriving visitor economy. So, get ready for a lighthearted tour through the land down under, where tourism isn’t just about sightseeing; it’s also about a bustling economy that leaves everyone with a warm, fuzzy feeling.
Let’s dive into the numbers, shall we? According to the State Tourism Satellite Account for 2021-22, NSW tourism contributed $20.1 billion to the state’s gross state product. That’s a lot of shrimps on the barbie, folks! This means that every time you explore Sydney’s iconic landmarks, sip wine in the Hunter Valley, or get lost in the serenity of the Blue Mountains, you’re also contributing to the state’s economic health.
What’s even more impressive is how tourism spreads wealth across the state. The contribution of the rest of Australia is tiny compared to the mammoth share Sydney has in the visitor economy. The Sydney tourism region alone accounted for 36% of the total direct and 40% of the full indirect tourism employment in NSW. That’s a lot of smiles from people in the hospitality business!
But it’s not just the big city cashing in on the tourism bonanza. From the enchanting Blue Mountains to the tranquil Snowy Mountains, each region is getting a slice of the pie. So, when you wander through the picturesque landscapes of the South Coast or explore the history-rich Riverina, know that your presence is more than welcome – it boosts the local economy. Regional NSW owes its impressive 75,000 tourism-filled jobs and $10 billion in gross regional product to enthusiastic visitors.
Now, let’s talk about one of the tastiest aspects of tourism – the food and beverage scene. One of the main reasons people flock to towns and cities is the delightful cafes and restaurants. Whether trying out delectable seafood in Sydney, savouring farm-to-table dishes in the Hunter Valley, or munching on meat pies in the Outback, the culinary experience is an undeniable draw for visitors. It’s no surprise that foodies worldwide make a beeline for NSW!
While you’re here, remember the events that spice up your travel diary. Conferences, music festivals, and cultural happenings add their fair share to the visitor economy. In 2018-19, DNSW supported the development of conferencing and business events in regional NSW, which brought in over 7,000 conference attendees, including many overnight visitors who spent generously. These events were not only knowledge-sharing hubs but also cash cows, generating an estimated $4.1 million in expenditure from non-local attendees.
And if you’re more of a leisure event enthusiast, you’re in luck. With hundreds of events held throughout Sydney and NSW each year, there’s something for everyone. Whether you’re a sports fan, art lover, or music enthusiast, you’ll find events that tickle your fancy. The year ending June 2023 saw 5.8 million domestic overnight leisure event visitors spending a whopping $2.5 billion in NSW. That’s a testament to the power of entertainment in the visitor economy!
Now, let’s remember that it’s not just NSW riding the tourism wave. The entire Australian tourism industry is basking in the glory of its success. Tourism businesses are flourishing, and investments are flowing in like the tides. In 2021-22, NSW accounted for around one-third of all tourism investment in Australia, with a massive $14.1 billion worth of projects. The aviation sector got the lion’s share, with $5.4 billion in investments. Arts, recreation, and business services followed closely behind, ensuring the cultural and entertainment sectors were up and running.
In a nutshell, tourism in NSW isn’t just about the sights; it’s about sustaining jobs, stimulating the economy, and creating a vibrant atmosphere where everyone can experience the rich culture and stunning landscapes this state offers. So, whether you’re sipping a latte in Sydney’s chic café or exploring the pristine beaches of the South Coast, know that you’re not just on holiday – you’re contributing to a thriving visitor economy that makes NSW shine brighter than ever.
Reach out to EMPOWER Agency today! https://empoweragency.com.au/
