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Nashville posts record tourism revenues
Nashville’s tourism industry generated a record $10.56 billion in visitor spending in 2023, with visitors spending an average of $29 million a day throughout Music City.
Data from the Nashville Convention & Visitors Corp cited a record 16.8 million visitors last year, which is up 4% on 2022.
The latest forecast from Tourism Economics shows that the city’s hospitality industry continues to create economic activity for Nashville and outpace national trends.
“Nashville has been named a top global destination by major travel outlets for a remarkable 13 years in a row now, and our industry is proud to contribute to our city’s success,” said Deana Ivey, President and CEO, Nashville Convention & Visitors Corp.
Adam Sacks, President of Tourism Economics, an Oxford Economics company, spoke to hospitality industry leaders at the NCVC’s annual luncheon last week.
Even as revenues are lessened in 2024 compared to 2023, Nashville outpaces the rest of the country and competitor cities.
The city was recently named the third most popular meetings destination in North America by Cvent.
The city had four meetings hotels ranked among the top five.
Also, Knowland, a meetings and events industry data provider, named Nashville as the No. 1 large market for meetings volume growth.
Tourism Economics estimates about 64% of visitors are leisure travellers and 36% are those who come for conventions and business and group events.
There are more than 2,000 hotel rooms currently under construction across Nashville and a total of 13,000 in the pipeline.
Forecasts show 17.1 million visitors in 2024 and 17.5 million the following year in 2025.
Future years indicate steady growth to 18.1 million in 2027, the year the New Nissan Stadium opens.
By 2033, Nashville is projected to surpass the 20 million milestone for annual visitors.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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