April 2015

The	Economic	Impact	of	

Tourism	in	Wisconsin
State Overview
3

Headline results

 The Wisconsin visitor economy strengthened in 2014 with a 

5.3% increase in visitor spending. This follows a 4.5% gain in 

2013.

■ Visitor spending tallied $11.4 billion in 2014.

■ Wisconsin visitor volumes reached 102.4 million in 2014.

■ With improvements in the overall economy and moderating gas 

prices, both day and overnight visitor volumes grew around 2%.

■ Per trip spending increased as personal income and consumer 

confidence strengthened in 2014. 

■ Visitor spending growth was led by spending on recreational 

activities along with lodging.
4

Headline results

 Visitor spending of $11.4 billion generated $18.5 billion in total 

business sales in 2014 as traveler dollars flowed through the 

Wisconsin economy. 

 Visitor activity sustained 187,650 jobs in 2014, both directly and 

indirectly.

 These jobs represent 7.9% of total employment in Wisconsin;

1 in every 12.7 jobs in the state is sustained by tourism activity. 

 Including indirect and induced impacts, tourism in Wisconsin 

generated $1.4 billion in state and local taxes and $1.05 billion in 

Federal taxes last year.

 In the absence of the state and local taxes generated by tourism, 

each Wisconsin household would need to pay $620 to maintain 

the current level of government services.
5

Industry indicator summary

 Visits to Wisconsin destinations grew 2.0% between 2013 and 

2014.

 Lodging metrics strengthened in 2014, posting their strongest 

numbers since 2011.

 State sales tax revenue on lodging properties grew 6.9% in 

2014 (source: State Revenue Office).

 Tourism-related employment grew on par with overall state 

employment growth, increasing 1.1% from the prior year. 
6

Lodging industry

 The hotel sector expanded 

robustly in 2014, with room 

demand growing 3.5%. 

 The occupancy rate increased 

from 55.1% in 2013 to 56.8% in 

2014.

 Tighter occupancy boosted 

average room rates 3.7%.

 Rising demand and higher 

prices generated growth in 

room revenues of 7.4%.

0%

1%

2%

3%

4%

5%

6%

7%

8%

2011 2012 2013 2014

Demand

Revenue

ADR

Lodging metrics reflect a strong 2014

Source: Tourism Economics

% change

All lodging metrics posted their best 

results since the post-recession spike.
7

Sales taxes

 Sales tax collections in tourism-related industries were robust in 

2014 with the exception of retail sales.

 Strength in 2014 is evident across several visitor spending 

categories with lodging and F&B at 5-year highs.

0%

1%

2%

3%

4%

5%

6%

7%

8%

2010 2011 2012 2013 2014

Lodging F&B Recreation Retail

Taxable sales in tourism-related industries

Source: WI Dept. of Revenue

% change
Visitor Spending
9

Overview

 Wisconsin visitor 

volumes reached 

102.4 million in 2014. 

Visitors spent a total of 

$11.4 billion. 

 Visits grew 2.0% while 

spending increased 

5.3% in 2014. 88

90

92

94

96

98

100

102

104

6

7

8

9

10

11

12

2010 2011 2012 2013 2014

Visitor Spending, bls (L) Person-Stays, mls (R)

Wisconsin Visits and Spending

US$ Billions

Sources: Longwoods International, OTTI, Stats Can, Tourism Economics

Millions
10

Visitor spending 

 Wisconsin visitor 

spending reached $11.4 

billion in 2014, posting 

5.3% growth.

 Recreational spending 

surged, followed by 

lodging and spending on 

food & beverages.

$9.2

$9.9 $10.4 $10.8

$11.4

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

0

2

4

6

8

10

12

2010 2011 2012 2013 2014

$

Billio

n

s

Spending (L) % Change (R)

Tourism Industry Sales & Growth Rate

US$ Billions

Sources: Longwoods International, OTTI, Stats Can, Tourism Economics

Sector 2009 2010 2011 2012 2013 2014 % Change

Lodging $1,685 $1,840 $1,995 $2,087 $2,182 $2,339 7.2%

Other Transport $834 $958 $1,057 $1,195 $1,244 $1,285 3.3%

Air $384 $388 $405 $408 $407 $421 3.6%

Food & bev. $2,146 $2,252 $2,447 $2,569 $2,729 $2,905 6.4%

Retail $1,850 $2,066 $2,200 $2,222 $2,272 $2,328 2.4%

Recreation $1,162 $1,155 $1,225 $1,311 $1,393 $1,502 7.8%

2nd home rental $462 $540 $569 $584 $613 $638 4.2%

TOTAL $8,522 $9,199 $9,899 $10,376 $10,840 $11,419 5.3%

% Change 7.9% 7.6% 4.8% 4.5% 5.3%

Visitor Spending

(US$ Million)
11

Visitor spending by sector

 Traveler spending neared 

$3.0 billion on food & 

beverages.

 The lodging sector passed 

the retail sector to become 

the second largest 

spending category with 

$2.3 billion in sales.

 In 2014, visitor spending 

increased 7.8% on 

recreation & entertainment, 

6.4% on food and 

beverage, and 7.2% on 

lodging.

Note: In this chart Transportation includes local and air 

transportation

2,905

2,339

2,328

1,706

1,502

638

0

500

1,000

1,500

2,000

2,500

3,000

3,500

F

o

o

d

&

b

e

v.

L

o

d

gin

g

R

etail

Tra

n

s

p

ortatio

n

R

e

cre

atio

n

2

n

d

H

o

m

e

R

e

ntal

2013 2014

$ Million, 2014 values shown
12

Visitor spending distribution

 With strong growth in 

leisure visits, the share of 

spending on recreational 

activities now exceeds 13% 

of all visitor spending.

 The share of the traveler 

dollar spent on lodging, the 

largest sector, grew to 

26.1% in 2014.

 Food & beverage spending 

ranks second, capturing a 

quarter of visitor spending, 

followed by retail at 20%.

Lodging

26.1%

Other Transport

11.3%

Air

3.7%

Food & bev.

25.4%

Retail

20.4%

Recreation

13.2%

Visitor Spending by Sector

Sources: Longwoods International, OTTI, Stats Can, Tourism Economics
13

Visitor spending trends

$2.4 $2.6 $2.7 $2.8 $3.0 

$1.0 $1.1 $1.2 $1.2 $0.4 $1.3 $0.4 $0.4 $0.4 $0.4 $2.3 $2.4 $2.6 $2.7 $2.9 

$2.1 

$2.2 $2.2 $2.3 $1.2 $2.3 

$1.2

$1.3

$1.4

$1.5

$0

$2

$4

$6

$8

$10

$12

2010 2011 2012 2013 2014

Recreation

Retail

Food & bev.

Air

Other Transport

Lodging

Sources: Longwoods International, OTTI, Stats Can, Tourism Economics

Wisconsin's Visitor Spending 

by Year, Billions of $  Visitor spending 

has grown an 

average of 5.6% 

annually since 

2010.

 Lodging sales 

have increased 

25% since 2010.
14

Visitor spending by market segment

 Leisure tourism represents 88% of visitor spending in Wisconsin.

 Overnight visitors spend $7.7 billion in Wisconsin, 67% of the total.

 Day visitor spending added $3.8 billion in 2014.

 Domestic visitors to Wisconsin spent $10.8 billion in 2014, 94% of all 

visitor spending.

Business $1.4 Day $3.8 Domestic $10.8

Leisure $10.0 Overnight $7.7 Overseas $0.6

Canada $0.1

Total $11.4 Total $11.4 Total $11.4

Business 12.2% Day 32.9% Domestic 94.3%

Leisure 87.8% Overnight 67.1% Overseas 5.0%

Canada 0.7%

Visitor Spending in 2014

(US$ Billion)

Purpose Stay Market

Share

Purpose Stay Market
15

Visitor spending by market segment

12.2%

32.9%

94.3%

87.8%

67.1%

5.0%

0.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Purpose Stay Market

P

erc

e

nta

g

e

distrib

utio

n

Leisure

Day

Overnight

Overseas

Domestic

Business

Canada

Sources: Longwoods International, OTTI, Stats Can, Tourism Economics
16

Seasonality of lodging

 Tourism is a year-round 

industry in Wisconsin. Its 

peak is in the third quarter 

with nearly one-third of all 

rooms rented. In 2014, room 

demand in each quarter is at 

least 20% of all rooms 

rented.

 In 2014, growth was spread 

throughout the year, with all 

but Q2 posting room revenue 

growth of 7% or higher. And 

Q2 revenue growth only 

dipped to 5.4%.

0

100

200

300

400

500

600

Q1 Q2 Q3 Q4

2010

2011

2012

2013

2014

Wisconsin Hotel Room Revenue

$ millions

Source: Smith Travel Research

0%

5%

10%

15%

20%

25%

30%

35%

40%

Q1 Q2 Q3 Q4

Revenue

Rooms

Wisconsin Hotel Rooms and Revenue

Quarterly Share, 2013

Source: Smith Travel Research
17

Seasonality of visitor spending

Business Day

 In 2014, total visitor 

spending peaked in the 

3

rd quarter with $3.6 

billion in visitor sales.

 Spending growth was 

3.5% or higher in all 

four quarters with Q1 

posting spending 

growth of 6.8%. 

$2,280

$2,862

$3,645

$2,631

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Q1 Q2 Q3 Q4

2013

2014

Wisconsin Quarterly Visitor Spending

$ Millions

Source: Tourism Economics

Q1 Q2 Q3 Q4

2013 $2,135.6 $2,766.2 $3,454.1 $2,484.3

2014 $2,279.9 $2,862.4 $3,645.3 $2,631.5

% Chn 6.76% 3.48% 5.54% 5.93%

Visitor Spending by Quarter

 Wisconsin 
18

Seasonality of visitor spending

Business Day

 Tourism spending 

has grown in every 

quarter since 2011.

 Growth did hit a slow 

patch in the second 

half of 2012 and first 

part of 2013 before 

rebounding in the 2nd

half of 2013.

 The upward trend in 

quarterly tourism 

spending growth 

continued in 2014. 

0%

2%

4%

6%

8%

10%

12%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2011 2012 2013 2014

Wisconsin Tourism Spending Growth 

Y-o-Y Growth Rates by Quarter

Source: Tourism Economics
State Tourism Impacts
20

How visitor spending generates impact

• Lastly, the induced impact is 

generated when employees 

whose incomes are generated 

either directly or indirectly by 

tourism, spend those incomes 

in the local economy.

• Travelers create direct economic value within a discrete group of sectors (e.g. recreation, 

transportation). This supports a relative proportion of jobs, wages, and taxes within each 

sector.

• Each directly affected sector also purchases goods and services as inputs (e.g. food 

wholesalers, utilities) into production. These impacts are called indirect impacts.
21

Tourism sales by industry

Direct Indirect Induced Total

Agriculture, Fishing, Mining - 32.3 24.8 57.1

Construction and Utilities - 300.0 112.6 412.6

Manufacturing - 480.1 253.7 733.8

Wholesale Trade - 102.7 154.4 257.1

Air Transport 421.5 4.5 7.5 433.5

Other Transport 447.1 154.8 63.4 665.3

Retail Trade 2,327.9 16.0 293.9 2,637.9

Gasoline Stations 837.9 1.3 19.6 858.8

Communications - 252.0 123.8 375.8

Finance, Insurance and Real Estate 638.5 740.4 1,195.7 2,574.6

Business Services 71.4 775.2 244.4 1,091.0

Education and Health Care - 5.9 727.3 733.2

Recreation and Entertainment 1,236.0 62.2 40.5 1,338.7

Lodging 2,339.3 2.7 2.3 2,344.3

Food & Beverage 2,904.6 128.6 238.2 3,271.3

Personal Services 195.0 124.8 179.1 499.0

Government - 122.2 69.3 191.5

TOTAL 11,419.1 3,305.8 3,750.7 18,475.6

Growth Rate 5.3% 5.7% 5.7% 5.5%

* Direct sales include cost of goods sold for retail sectors

Tourism Sales

(US$ Million)
22

 All business 

sectors of the 

Wisconsin 

economy benefit 

from tourism 

activity directly 

and/or indirectly. 

 Sectors that serve 

the tourism 

industry, like 

business services, 

gain as suppliers 

to a diverse 

tourism industry.

Tourism sales by industry

0

500

1,000

1,500

2,000

2,500

3,000

3,500

F

&

B

R

etail Tra

d

e

FIR

E

L

o

d

gin

g

R

e

cre

atio

n

B

u

s. S

ervic

e

s

G

a

s

M

a

n

u

E

d

u

c

atio

n

Oth

er Tra

n

s

p

P

ers

o

n

al S

erv.

Air Tra

n

s

p

ort

Induced

Indirect

Direct

Tourism Sales by Industry

$ million
23

Total tourism employment

 The tourism sector directly and indirectly supported 187,643 jobs, or 7.8% of all 

employment in Wisconsin last year. 

Direct Indirect Induced Total

Agriculture, Fishing, Mining - 382 270 653

Construction and Utilities - 1,014 344 1,357

Manufacturing - 1,303 545 1,848

Wholesale Trade - 624 938 1,562

Air Transport 1,812 16 26 1,854

Other Transport 2,195 1,487 611 4,293

Retail Trade 15,459 231 4,352 20,042

Gasoline Stations 1,672 20 307 1,999

Communications - 1,026 426 1,452

Finance, Insurance and Real Estate 3,495 4,190 4,086 11,770

Business Services 463 8,136 2,658 11,257

Education and Health Care - 84 7,183 7,267

Recreation and Entertainment 24,337 1,274 911 26,522

Lodging 32,755 44 38 32,837

Food & Beverage 48,380 2,499 4,662 55,541

Personal Services 2,353 1,329 2,420 6,103

Government - 922 364 1,285

TOTAL 132,920 24,582 30,142 187,643

Growth Rate 1.1% 1.4% 1.3% 1.2%

Tourism Economy Employment
24

Total tourism employment

 Secondary benefits 

are realized across 

the entire economy 

through the supply 

chain and incomes 

as they are spent.

 The unemployment 

rate in Wisconsin 

was 5.5% in 2014. 

Without the 

187,643 tourism 

supported jobs, the 

unemployment rate 

would nearly 

double to 10.9%.

0

10

20

30

40

50

60

F

&

B

L

o

d

gin

g

R

e

cre

atio

n

R

etail Tra

d

e

FIR

E

B

u

s. S

ervic

e

s

E

d

u

c

atio

n

P

ers

o

n

al S

erv.

Oth

er Tra

n

s

p

G

a

s

Air Tra

n

s

p

ort

M

a

n

u

Thousands

Induced

Indirect

Direct

Tourism Employment by Industry

Significant indirect and induced benefits
25

Tourism employment intensity

3.7%

4.1%

22.8%

33.8%

92.4%

0% 20% 40% 60% 80% 100%

Total

Retail

Food & bev.

Recreation

Lodging

Tourism Employment Intensity by Industry

 Tourism is a significant part of several industries – 92% of lodging, 34% of 

recreation, and 23% of food & beverage employment is directly supported by 

tourism spending. 
26

Tourism personal income

Direct Indirect Induced Total

Agriculture, Fishing, Mining - 5.9 5.2 11.1

Construction and Utilities - 80.9 28.9 109.9

Manufacturing - 76.1 32.1 108.1

Wholesale Trade - 44.1 66.3 110.4

Air Transport 99.0 0.9 1.4 101.2

Other Transport 108.0 70.5 27.8 206.3

Retail Trade 346.8 6.7 120.4 473.8

Gasoline Stations 42.6 0.5 7.7 50.8

Communications - 58.2 26.3 84.5

Finance, Insurance and Real Estate 60.9 137.0 138.8 336.7

Business Services 22.5 386.9 125.5 534.9

Education and Health Care - 3.1 384.8 387.9

Recreation and Entertainment 414.3 23.2 14.9 452.4

Lodging 660.1 0.7 0.6 661.4

Food & Beverage 776.9 39.4 82.8 899.0

Personal Services 79.8 57.3 71.2 208.3

Government - 68.6 24.4 93.0

TOTAL 2,610.9 1,060.0 1,159.0 4,829.9

Pch Change 3.9% 3.9% 3.1% 3.7%

Tourism Labor Income (Compensation)

(US$ Million)
27

Tourism personal income

 Substantial 

employment in F&B 

and recreation 

supports significant 

labor income in 

those industries.

 Business services 

and the FIRE 

(finance, insurance 

and real estate) 

sectors depend on 

tourism activity as 

suppliers to tourism 

companies and their 

employees.

0

100

200

300

400

500

600

700

800

900

1,000

F

&

B

L

o

d

gin

g

B

u

s. S

ervic

e

s

R

etail Tra

d

e

R

e

cre

atio

n

E

d

u

c

atio

n

FIR

E

P

ers

o

n

al S

erv.

Oth

er Tra

n

s

p

W

h

ole

s

ale

Tr.

C

o

n

stru

ctio

n

M

a

n

u

Induced

Indirect

Direct

Tourism Labor Income by Industry

$ million

Significant indirect and induced benefits
28

Tourism tax generation

 Taxes of $2.5 billion were directly and indirectly generated by tourism in 

2014.

 State and local taxes alone tallied $1.4 billion.

Tax Type 2010 2011 2012 2013 2014

Federal Taxes Subtotal 917.6 944.5 977.0 1,011.0 1,052.3

Corporate 81.9 87.4 91.5 95.6 100.8

Indirect Business 104.8 112.0 117.2 122.4 129.1

Personal Income 212.6 216.8 223.5 230.7 239.2

Social Security 518.2 528.4 544.8 562.3 583.1

State and Local Taxes Subtotal 1,202.1 1,269.8 1,312.3 1,356.3 1,412.3

Corporate 113.2 120.9 126.6 132.2 139.4

Personal Income 101.9 103.9 107.2 110.6 114.7

Sales 425.3 453.1 473.4 490.4 514.8

Bed 72.7 77.3 80.9 84.6 90.7

Property 370.9 391.7 397.8 408.3 417.5

Excise and Fees 108.5 113.0 116.4 119.9 124.4

State Unemployment 9.6 9.8 10.1 10.4 10.8

TOTAL 2,119.6 2,214.3 2,289.3 2,367.3 2,464.6

Traveler Generated Taxes

(US$ Million)

In 2014, each household in Wisconsin would have been taxed an additional 

$620 to replace the tourism taxes received by state and local governments.
29

Tourism tax generation – state & local government

 Of the $1.4 billion collected 

by state and local 

governments from traveler 

activity, $767 million (54%) 

accrued to state 

government.

 Local government revenues 

from visitor activity grew to 

$647 million.

 Property tax revenue, along 

with local excise and fees 

and lodging taxes, comprise 

the major revenue streams 

for local governments.

Tax Type 2012 2013 2014

State Tax Subtotal 706.0 731.8 767.1

Corporate 126.6 132.2 139.4

Personal Income 107.2 110.6 114.7

Sales 438.0 453.7 476.3

Lodging 0.0 0.0 0.0

Property 0.0 0.0 0.0

Excise and Fees 24.2 25.0 25.9

State Unemployment 10.1 10.4 10.8

Local Tax Subtotal 606.3 625.5 647.3

Corporate 0.0 0.0 0.0

Personal Income 0.0 0.0 0.0

Sales 35.4 36.7 38.5

Lodging 80.9 85.6 92.7

Property 397.8 408.3 417.5

Excise and Fees 92.2 95.0 98.5

State Unemployment 0.0 0.0 0.0

Traveler Generated Taxes - State and 

Local Government Revenues

(US$ Million)
30

 Were the Wisconsin tourism industry a 

single business, it would rank #242 on the 

Forbes 500 list, similar in size to Visa, Inc. 

and CarMax and larger than Norfolk 

Southern or Office Depot.

 Visitor spending of $11.4 billion is equal to 

the total revenue of the Wisconsin Lottery... 

since 1988.

 Total sales in supported by tourism in 

Wisconsin reached $18.5 billion in 2014.

By comparison, worldwide revenue of 

Wisconsin’s 4th largest company – Kohl’s – was 

$19 billion in 2014

How important is tourism?
31

 Were the 133,000 direct tourism 

jobs located all in one county, it 

would be enough jobs for EVERY 

resident in Washington County – the 

11th largest county in the state.

 The total tourism employment of 

187,643 is more than the total 

employment of the Appleton AND 

Janesville-Beloit MSA’s.

How important is tourism?
32

 Each household in Wisconsin benefits from 

tourism, saving $620 in 2014 in taxes as visitor 

activity supports state and local governmental 

revenue.

■ That is enough for a annual golfing membership at 

Christmas Mountain Village or

■ 20-Game Fan's Choice Plan in the outfield for the 

Milwaukee Brewers or

■ About 20 separate admissions to a waterpark in 

Wisconsin Dells (assuming average price of $30).

How important is tourism?
Methodology and Background
34

 By monitoring tourism’s economic impact, policy makers 

can make informed decisions regarding the funding and 

prioritization of tourism development.

 It can also carefully monitor its successes and future 

needs.

 In order to do this, tourism must be measured in the 

same categories as other economic sectors – i.e. tax 

generation, employment, wages, and gross domestic 

product.

Why quantify the tourism economy?
35

Why is this a challenge?

 Most economic sectors such as financial services, 

insurance, or construction are easily defined within a 

country’s national accounts statistics.

 Tourism is not so easily measured because it is not a 

single industry. It is a demand-side activity which affects 

multiple sectors to various degrees.

 Tourism spans nearly a dozen sectors including lodging, 

recreation, retail, real estate, air passenger transport, food 

& beverage, car rental, taxi services, travel agents...
36

• Domestic visitor expenditure estimates are provided by Longwoods International’s 

representative survey of US travelers. These are broken out by sectors (lodging, 

transport at destination, food & beverage, retail, and recreation), by purpose 

(business and leisure), and by length of stay (day and overnight).

• Tourism Economics then adjusts these levels of spending based on a range of 

known measures of tourism activity:

• Overseas visitor spending (source: OTTI, TE)

• Canada visitor spending (source: Statistics Canada, TE)

• Sales tax receipts

• Spending on air travel which accrues to all airports and locally-based airlines

• Gasoline purchases by visitors (source: TE calculation)

• Smith Travel Research data on hotel revenues

• Industry data on employment, wages, GDP, and sales (source: BEA, BLS, 

Census) 

Methods and data sources
37

• An IMPLAN model was compiled for the State of Wisconsin. This traces 

the flow of visitor-related expenditures through the local economy and 

their effects on employment, wages, and taxes. IMPLAN also quantifies 

the indirect (supplier) and induced (income) impacts of tourism.

• All results are benchmarked and cross-checked and adjusted based on 

the following:

• US Bureau of Labor Statistics and Bureau of Economic Analysis 

(employment and wages by industry)

• US Census (business sales by industry)

• The source of the employment and wage data is the Regional Economic 

Information System (REIS), Bureau of Economic Analysis, U.S. 

Department of Commerce. All employment rankings are based on Bureau 

of Labor Statistics (ES202/QCEW) data. 

Methods and data sources
38

Selected recent economic impact clients

Cities

Baltimore, MD 

Columbus, OH

Kansas City, MO

London, United Kingdom

New York City

Omaha, NE

Orlando, FL

Philadelphia, PA

Pittsburgh, PA

Rockford, IL

Countries / Provinces

Bahamas

Bermuda

Cayman Islands

Dubai

Ontario Canada

St. Lucia

United Kingdom

Associations / Companies

Center for Exhibition Industry 

Research (Economic Impact 

of Visa Restrictions)

DMAI (Event Impact 

Calculator for 80 CVBs)

US Travel Association (Impact 

of travel promotion)

InterContinental Hotels

States

California

Georgia

Maryland

New York 

North Carolina

Ohio

Pennsylvania

Wisconsin
39

About Tourism Economics

 Tourism Economics, headquartered in Philadelphia, is an Oxford Economics 

company dedicated to providing high value, robust, and relevant analyses of the 

tourism sector that reflects the dynamics of local and global economies. By 

combining quantitative methods with industry knowledge, Tourism Economics 

designs custom market strategies, project feasibility analysis, tourism forecasting 

models, tourism policy analysis, and economic impact studies.

 Our staff have worked with over 300 destinations to quantify the economic value 

of tourism, forecast demand, guide strategy, or evaluate tourism policies.

 Oxford Economics is one of the world’s leading providers of economic analysis, 

forecasts and consulting advice. Founded in 1981 as a joint venture with Oxford 

University’s business college, Oxford Economics is founded on a reputation for 

high quality, quantitative analysis and evidence-based advice. For this, it draws 

on its own staff of 90 highly-experienced professional economists; a dedicated 

data analysis team; global modeling tools; close links with Oxford University, and 

a range of partner institutions in Europe, the US and in the United Nations 

Project Link.

 For more information: info@tourismeconomics.com. 
40

For more information:

Adam Sacks, President

adam@tourismeconomics.com

Christopher Pike, Senior Economist

cpike@tourismeconomics.com