NYC tourism may not recover to pre-pandemic levels for years, report predicts
City could see 66% year over year decline in visitors due to the pandemic
New York City is one of the world’s most famous tourist destinations, but it could struggle to reclaim visitor numbers after a pandemic-related drop-off.
While 2020 appeared as though it was poised for another record year of tourism, the pandemic resulted in “an unmatched drop in visitation during the remaining nine months of 2020,” a new report from NYC & Company – the official convention and visitors bureau for the city – said.
For the year, the group is expecting a total of 22.9 million visitors – which is 66% below levels seen last year.
The international market was down over 80% compared to last year.
NEW YORK'S ROLLBACK OF CORONAVIRUS REOPENINGS THREATENS RENTAL MARKET RECOVERY
Researchers expect visitation will begin picking up once a vaccine is widely distributed – in late-Spring or early-Summer.
However, tourism is not expected to reach 2019 levels until 2024, researchers predict, due to uncertainty and shaken consumer confidence.
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The New York State Comptroller’s Office announced last week that sales taxes dropped 5.3 percent, or $34.5 million in October when compared with last year.
Meanwhile, coronavirus cases are increasing in New York and many states throughout the U.S.
New York Gov. Andrew Cuomo reinstated limited restrictions on bars, restaurants and gyms that went into effect on Friday in an effort to curb the spread of the virus.