The Rise and Fall of Tourism: A Cautionary Tale of Consequence

Since the passing of the Tourism Development Fee (TDF) in 2009, a small but vocal group of Myrtle Beach residents have questioned the legitimacy of the 1% sales tax that is mainly used for out-of-area marketing. Contrary to evidence that the TDF fund has effectively grown tourism, created jobs and boosted the overall economy, critics continue to attack Myrtle Beach City Council as they vote to reimpose the fund.

We encourage you to learn the FACTS about the TDF and we also encourage you to read “The Rise and Fall of Colorado Tourism” – a cautionary tale of what happens when tourism marketing budgets are eliminated. In the case of Colorado “domestic market share plunged 30% within two years, representing a loss of over $1.4 billion in tourism revenue annually. Over time, the revenue loss increased to well over $2 billion yearly.

Within tourism, the Colorado story has become a legend, with many of the state’s competitors citing these numbers to their legislators as evidence for why their programs should be funded, not cut . . . The lesson from this case is quite simple:

THINK TWICE BEFORE SLASHING YOUR MARKETING BUDGET. DON’T BE THE NEXT COLORADO!

Documenting research that spans more than 20 years, this paper provides a quintessential demonstration of the necessity and financial value of marketing. It details the state of Colorado’s roller-coaster funding ride, including the complete loss of its tourism marketing budget, and the subsequent successful [and LONG] fight for renewed financial support.”

To read "Rise and Fall of Tourism" go to: https://goo.gl/dbP6r2.