On Dec. 6, MBACC and CVB hosted an online presentation by Geoff Lacher, senior economist with Tourism Economics.
An Oxford Economics company, Tourism Economics provides actionable and credible analysis of the tourism sector for better marketing, investment and policy decisions.
Lacher shared data and analysis on Myrtle Beach’s successful visitor economy and strong growth since 2019. In addition, he shared analysis on what the destination can expect in 2023.
According to Tourism Economics, a global recession seems increasingly likely, affecting both businesses and consumer demand. While the recession is expected to be mild, some may feel the impacts of these headwinds.
However, the travel industry as a whole will continue to fare well, according to Lacher and others at Tourism Economics. Current data on household balance sheets and travel sentiment support the notion that travel’s forward momentum could prevail through a recession. That is, while the economic tide recedes, the travel tide may still rise in 2023.
When looking at Myrtle Beach’s outlook in 2023, Lacher is confident that the region will see visitation numbers similar to this year but at a slightly lower pace due to the recession.
You can view the recorded presentation below or the presentation slides here.
Myrtle Beach’s Impressive Recovery and Future Waters Presentation Shared on December 6, 2022.