New Study Expands Attractions Industry Economic Analysis to Latin America and the Caribbean

IAAPA has expanded its research to encompass the entire attractions industry within the 27 countries/markets in Latin America and the Caribbean. This comprehensive study, conducted in 2023 and compiled with 2022 data by Tourism Economics, commissioned by IAAPA, represents the first time all attraction categories have been included, the company says, providing a holistic view of the industry's economic impact.

In addition to the previously focused categories of theme/amusement parks, water parks, and family entertainment centers (FECs), this study now encompasses a broader spectrum of attractions, including zoos/aquariums, museums/science centers, historical, cultural, or natural attractions, and other themed attractions.

The study evaluates the economic impact of the attractions industry analyzing two components:

1. Direct impacts: This includes spending, employment, and wages that occur at the attractions themselves, encompassing admission fees, food & beverage sales, retail purchases, and more. It also extends to off-site spending at hotels, restaurants, stores, transportation, etc., driven by attraction visits.

2. Indirect and induced impacts: Originating from the supply chain of the attractions industry, these impacts stem from the production of required services, which in turn require inputs from other businesses. This ripple effect extends throughout the economy, generating additional economic activity as households spend their income.

"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," says Paulina Reyes, VP and executive director for Latin America Caribbean at IAAPA.

Key findings from the study include:

• Total Revenue Impact: The aggregate revenue impact of the attractions industry across the surveyed countries amounts to an impressive $30.1 billion USD.

• Employment: The industry supports a total of 828,400 jobs, with 528,100 in direct employment and an additional 300,300 in indirect and induced employment.

• Taxes Paid: The attractions industry contributes $2.8 billion USD in total taxes, supporting public services and infrastructure development across the region.

These findings underscore the significant economic contribution of the attractions industry to the Latin American and Caribbean economies, the company says, highlighting its role as a driver of revenue generation, job creation, and tax revenues.

IAAPA members can download the full report online, and it is available for purchase for non-members.