BTA Releases 2024 Mid-Year Tourism Report
The Bermuda Tourism Authority [BTA] has released its visitor metrics for the first half of 2024.
A spokesperson said, “The Bermuda Tourism Authority [BTA] has released its visitor metrics for the first half of 2024, revealing significant growth in both air and cruise arrivals, alongside increased visitor spending and notable shifts in travel trends.
“Bermuda welcomed a total of 61,619 leisure air visitors during the first six months of 2024, marking a 11.4% increase over the same period in 2023. These visitors contributed an estimated $132.3 million to the local economy representing a year-over-year increase of 31%, with an average spending of $2,147 per person.
“While vacation travel saw marked gains, the Visiting Friends and Relatives [VFR] segment experienced a decline of 10.3% compared to the previous year. Despite this, other travel measures showed positive momentum. Business travel to Bermuda grew by 6.1%, highlighting Bermuda’s appeal as a destination for corporate meetings and incentive trips.
“Although the average length of stay decreased slightly to 6.13 days from 6.4 days in 2023, and hotel occupancy dipped by less than 1 percentage point compared to the previous year, the island’s hotels saw a 9% increase in revenue per available room [RevPAR]. This is reflected in higher spending by visitors, which continues to support the local hospitality industry.
“Cruise tourism also experienced robust growth, with Bermuda welcoming 234,790 cruise passengers in the first half of 2024, an increase of 12.3% over 2023. This influx of cruise visitors has contributed to the island’s economy, particularly for local service providers, entertainment, and the transportation sector.
“Bermuda nearly doubled its yacht arrivals year on year, with 725 yachts visiting the island, including 61 superyachts by the mid-year point of 2024. This segment contributed an estimated $10.2 million to the economy, a 27.5% increase over the previous year. The surge in yacht arrivals and spending was bolstered by major events like the Newport Bermuda Yacht Race and Annapolis Bermuda Race.
“Additionally, Bermuda’s hosting of the Apex SailGP event in May, further elevated the island’s profile in the global yachting community, attracting high-net-worth visitors, generating global media coverage and contributing to sturdy growth in the maritime sector. The Newport to Bermuda Yacht race takes place on alternate years, which means a boost over 2023 yacht numbers would be expected. However, the data shows that 2024 performance still exceeded 2022 numbers.
“Nearly a year ago, BermudAir made its inaugural commercial flight out of LF Wade International Airport to Westchester, and Boston, injecting a much-needed boost in flight options for the island. Since then, the Bermuda-based airline has shown steady route expansion with new connectivity to Fort Lauderdale, Orlando, Baltimore and then Toronto and Halifax. Meanwhile traditional carriers have restored and maintained routes with the noteworthy return of regular airlift out of Washington DC.
“The island now boasts the highest number of direct routes in its history, with sixteen at the peak this summer. Air capacity to Bermuda for the first half of the year is up 28% and, for several months exceeded the numbers seen in 2019.
“Canadian visitor arrivals slumped 26.3% in the first six-months of 2024 due to the absence of WestJet and subsequent reduced air capacity. The good news is that with BermudAir’s entrance into the Canadian market in May 2024, the island now enjoys airlift from both central and Atlantic Canada with two carriers operating out of the populous Toronto market.
“Although air capacity has seen steady improvements, the industry is still challenged with the recovery of hotel capacity lagging behind, which causes availability issues particularly during heavy travel days in the peak summer period.”
Tracy Berkeley, CEO Bermuda Tourism Authority said, “The first half of 2024 has shown promising growth across our key tourism measures. The increase in visitor spending, the rise in air, cruise and yacht arrivals, and the rebound in leisure travel, demonstrate the resilience and appeal of Bermuda as a premier destination.
“These results reflect the collaborative efforts of an industry guided by the Bermuda National Tourism Plan, which serves as the strategic guardrail for all our activations and the rule by which we measure success. We do this in collaboration with stakeholder partners, ensuring sustainable tourism that benefits the island and its communities. Events like the Newport Bermuda Yacht Race and SailGP have been instrumental in driving yachting numbers and showcasing Bermuda’s world-class maritime heritage.”
Clarence Hofheins, President, BHA and General Manager, Cambridge Beaches said, “We at the Bermuda Hotel Association [BHA] are encouraged by our collaborative relationship with the Bermuda Tourism Authority [BTA]. By leveraging the resources of our individual hotels and the expertise of the BTA, we have effectively worked together to boost Bermuda’s appeal as a destination for both group and leisure travelers.
“Overall, we’ve been pleased with the growing demand for Bermuda. All our member hotels have seen an increase in leisure guests, and it’s encouraging to see more people choosing Bermuda over other destinations. As we look ahead, we are optimistic that this positive trend will continue throughout the rest of 2024, and early bookings suggest that 2025 could be another strong year for Bermuda tourism.”
The full Tourism Industry Measures 2nd Quarter / 1st Half of 2024 report follows below [PDF here]:
Adjusting for inflation and price increases, what is the real bottom line for dollars spent? (trick question)
“Adjusting for inflation and price increases …”
That is only a 2.5% adjustment, at least that was the reported inflation rate in February of this year. See https://bernews.com/2024/08/february-consumer-price-index-inflation-2-5/
Personally, I love that fact that our economy is so strong that Bermuda’s inflation rate is lower than that of the United States.
Interesting. “Personally, I love that fact that our economy is so strong that Bermuda’s inflation rate is lower than that of the United States.”
Simplistically, inflation increases the cost of goods and raw materials from say the USA. That increased cost has a ripple effect with higher import duties and other costs. All the increased costs are passed on to consumers and businesses. Yet somehow Bermuda has a lower inflation rate than the USA.
“The annual inflation rate for the United States was 2.9% for the 12 months ending July, compared to the previous rate increase of 3%, according to U.S. Labor Department data published on August 14, 2024.”
How is it possible for Bermuda to have a lower inflation rate than the US? 2.5% vs. 2.9%. What about other countries where Bermuda imports goods and raw materials from?
“Canada’s annual inflation rate dropped to 2.5 percent in July — down from 2.7 percent in June, Statistics Canada said Tuesday.
The national statistics agency said inflation increased at the slowest pace in more than three years, since March 2021.”
UK: The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 3.1% in the 12 months to July 2024, up from 2.8% in June 2024.
Mexico: Mexico’s annual inflation rate quickened for the fifth month to 5.57% in July 2024, up from 4.98% in June, in line with market estimates. It was the highest reading since May 2023, mainly due to surging prices of food & non-alcoholic prices (7.77% vs 6.54% in June), notably fruits and vegetables (23.55% vs 19.73%). Additional significant upward pressure came from restaurants & hotels (6.42% vs 6.43%); education (6.37% vs 6.35%); miscellaneous goods & services (5.54% vs 5.79%) and housing & utilities (5.72% vs 4.52%), among others.
EU: The euro area annual inflation rate was 2.6% in May 2024, up from 2.4% in April. A year earlier, the rate was 6.1%. European Union annual inflation was 2.7% in May 2024, up from 2.6% in April. A year earlier, the rate was 7.1%. These figures are published by Eurostat, the statistical office of the European Union.
I have been banging on for 4 years about our reported inflation being less than that of the countries from where we source 90% or more of our imports (U.S., U.k., and Canada).
I love the fact that Bermuda Container Line and Somers Isles Shipping pay importers to ship goods to Bermuda. That is the only way I can fathom that prices go down between the port of departure and Bermuda.
“I have been banging on for 4 years about our reported inflation being less than that of the countries from where we source 90% or more of our imports (U.S., U.k., and Canada).”
Does that even make a modicum of sense? Come on now, you are smarter than that. How about, and this is just a thought, that Bermuda’s inflation numbers are being cooked? Do you do the grocery shopping? Put gas in the car?
We pack our suitcases full of specific cost-saving items from the US to bring back to Bermuda. Even after paying the 25% duty at the airport, we save more than enough money to pay for our plane tickets and more left over.
I have also mentioned on several occasions that the inflation figures reported by the Bermuda government must refer to locally generated inflation only, and do not take account of overseas inflation.
The likelihood of Bermuda Container Line or Somers Isles Shipping paying importers to ship goods to Bermuda is about the same as pigs flying or Bermuda’s true rate of inflation being less than that of the countries from which we import the vast majority of our consumable goods.
The word you left out is “cooked.” If you know that the inflation number is bogus, just say, “You are correct,” and move on.
But thank you for confirming Bermuda’s inflation numbers are cooked. Raw, medium, or well done? I would go with burnt to a crisp.
BTA is a major drain on the taxpayer. Taking credit for cruise ship figures, Newport Bermuda and Annapolis yacht races, Sail GP and business travel as examples show how poorly they are performing. More interested in creating events for locals rather then getting heads on the beds of airlift visitors. Wasting money, just like the Gaming Commission.
Much better to eliminate those events listed above then make comparisons.
The BTA does nothing for cruise ship numbers. The PLP Government has no interest in rich white guys and their sailboat races. The Newport, Marion and Annapolis races have been going on long before the PLP and now useless BTA arrived.
How about comparing the leisure air visitors only?
Correct, I forgot to add that the examples I gave have nothing to do with the BTA and should not be part of fudging their “success” story.
The BTA must do as the Minister for Tourism tells it to do. That is why it has lost so many good people, Glenn Jones being an obvious example.