Victoria’s visitor economy has reached a significant milestone, with the recent announcement that tourism spending in the state has reached a record-breaking $35 billion, surpassing the 2024 tourism target set for the industry 15 months ahead of schedule!
The latest national and international visitor economy figures, just released by Tourism Research Australia for the year ending March 2023, show that the State attracted an impressive 22.1% of Australia’s total visitor expenditure. Melbourne also retained its status as the top interstate overnight leisure destination, continuing its recent success landing the top spot for the Country on the World’s Most Liveable Cities list (placing third overall).
Notably, visitor spending in the state benefitted not only metropolitan areas, but also regional Victoria, with all tourism regions performing well, and Phillip Island, High Country, and Grampians regions’ leading the charge.
So, what does this mean for potential investors?
Building on this unprecedented bounce back, the ongoing recovery of international markets and upcoming major events such as the 2024 Australian Tourism Exchange, will continue to drive visitation and expenditure growth, creating significant opportunities in the sector.
With increasing government strategic support for private investment and project facilitation, there has never been a better time to consider investing in the Victorian visitor economy! If you would like to learn more about investing in the visitor economy, please reach out to us at info@cautious-caiman-ctciu.instawp.xyz