Institute of Place Management Place & Prosperity Presentation
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Resonance Consultancy's latest research on the place based factors that attract international tourists and foreign direct investment as presented at the Institute of Place Management Biennial conference.
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Institute of Place Management Place & Prosperity Presentation
- 2. @ResonanceCo @crfair Resonance Consultancy is a global advisor on real estate, tourism and economic development for countries, cities and communities around the world. ABOUT US
- 3. @ResonanceCo @crfair // Vancouver Tourism Master Plan // Cincinnati Destination Development Strategy // Aruba Tourism Authority Strategic Business Plan // Ireland South & East Brand Strategy // Tulsa Destination Development Strategy // Portland Tourism Master Plan // Bermuda Destination Assessment // Calgary Urban Revitalization // U.S. Virgin Islands Brand Strategy RECENT PROJECTS
- 4. @ResonanceCo What are the factors that shape our perception of place and attract tourism and investment to a city? THE POWER OF PLACE
- 5. R E S O N A N C E C O . C O M @ C R FA I RR E S O N A N C E C O . C O M @ C R FA I R WHAT MILLENNIALS WANT INA CITY TO LIVE R E S O N A N C E C O . C O M @ C R FA I R
- 6. MOST IMPORTANT FACTORSWHEN EVALUATINGA CITYAS POTENTIAL PLACETO LIVE Base: All respondents (n=1,548) C2. How important would you rank each of the following factors when evaluating a city as a potential place to live? Crime and safety Job opportunities Affordability and availability of housing Average time to commute to work Quality of K-12 schools Quality of the natural environment Average wages and household income Quality of parks and outdoor recreation Favourable climate and number of sunny days Proximity to hospitals/healthcare services Quality and number of restaurants Quality and variety of shopping Quality of cultural attractions 32% 33% 37% 38% 40% 40% 41% 41% 43% 43% 55% 55% 60% 18% 17% 20% 21% 22% 23% 24% 25% 26% 26% 35% 35% 42% 10 – Extremely important 9
- 7. MOST IMPORTANT FACTORSWHEN EVALUATINGA CITYAS POTENTIAL PLACETO LIVE (CONTINUED) 7 Base: All respondents (n=1,548) C2. How important would you rank each of the following factors when evaluating a city as a potential place to live? Interesting character neighborhoods Number of friends/family that live in the area Ease of getting around using public transportation Quality and variety of nightlife Ethnic diversity of community Number of destinations airport serves Professional published ratings, reviews and rankings Ratings, reviews in social media channels Ranking and reputation of local university/college Majority of residents share my political views Majority of residents share my religious beliefs Number of major league sports teams Number of Fortune 500 companies 22% 22% 24% 25% 28% 28% 28% 28% 29% 29% 31% 32% 32% 11% 11% 12% 13% 14% 14% 14% 14% 16% 15% 17% 17% 17% 10 – Extremely important 9
- 8. R E S O N A N C E C O . C O M @ C R FA I R WHATTHEY WANT INA VACATION DESTINATION R E S O N A N C E C O . C O M @ C R FA I R
- 9. Safety Cost English spoken Quality of the natural environment/scenery Number of fun attractions Easily accessible by commercial flights Opportunities to learn something new Quality of parks/outdoor recreation Good cultural attractions Warm climate/weather Exciting city environment Close to beach, access to water Iconic landmarks KEY DECISION FACTORSWHEN DECIDING ONAVACATION DESTINATION Base: All respondents (n=1,548) A5. On a scale of 1-10, what are the most important factors you take into account when deciding on a vacation destination, with 1 being not important at all and 10 being extremely important? 34% 35% 35% 36% 36% 37% 37% 38% 39% 42% 44% 52% 57% 18% 19% 19% 19% 19% 21% 21% 22% 23% 26% 26% 35% 39% 10 – Extremely important 9
- 10. Quality and number of restaurants Ease of getting around using public transportation All inclusive pricing Online peer reviews and ratings Passport not required to visit Quality and variety of shopping Cultural festivals and events Off the beaten path location Professional printed guidebook reviews Social media postings by friends/family Magazine/Newspaper articles Sporting events 22% 22% 24% 24% 25% 28% 28% 29% 32% 34% 34% 34% 10% 11% 13% 11% 13% 15% 15% 18% 16% 19% 19% 18% KEY DECISION FACTORSWHEN DECIDING ONAVACATION DESTINATION (CONTINUED) Base: All respondents (n=1,548) A5. On a scale of 1-10, what are the most important factors you take into account when deciding on a vacation destination, with 1 being not important at all and 10 being extremely important? 10 – Extremely important 9
- 11. @ResonanceCo ANALYSIS // 27 factors grouped into six categories: Place, Product, Programming, People, Prosperity and Promotion // 52 US cities with metropolitan populations of more than one million
- 12. @ResonanceCo PLACE Weather National ClimaticWeather Centre Crime rate Federal Bureau of Investigations Neighbourhoods & Landmarks TripAdvisor Parks & Outdoors TripAdvisor Air Quality Index U.S. Environmental Protection Agency Commute time to work American Community Survey 2011-15
- 13. @ResonanceCo PRODUCT University Ranking U.S. News &World Report Connectivity Google Flights Convention Centers Official Convention CenterWebsite Entertainment TripAdvisor Museums & Fine Arts Institutions TripAdvisor Housing Affordability American Community Survey 2011-15
- 14. @ResonanceCo PROGRAMMING Restaurants & Culinary Experiences TripAdvisor Shopping TripAdvisor Nightlife TripAdvisor Culture & Performing Arts TripAdvisor
- 15. @ResonanceCo PEOPLE Foreign-born residents American Community Survey 2011-15 Population that speaks a language other than English American Community Survey 2011-15 Educational Attainment American Community Survey 2011-15
- 16. @ResonanceCo PROSPERITY Fortune 500 companies Fortune Median Household Income American Community Survey 2011-15 Unemployment Rate American Community Survey 2011-15
- 17. @ResonanceCo PROMOTION Google References Google TripAdvisor Reviews TripAdvisor Google Trends Google Facebook check-ins Facebook
- 18. R E S O N A N C E C O . C O M @ C R FA I R WHICH OFTHESE FACTORSARE MOST CLOSELY CORRELATEDWITH VISITORARRIVALS? R E S O N A N C E C O . C O M @ C R FA I R
- 19. @ResonanceCo @crfair INTERNATIONALVISITORS Correlation Coefficient PROMOTION 0.90 PROGRAMMING 0.82 PRODUCT 0.66 PLACE 0.61 PEOPLE 0.58 PROSPERITY 0.29
- 20. @ResonanceCo @crfair INTERNATIONALVISITORS Correlation Coefficient Facebook Check-in 0.89 TripAdvisor Reviews 0.86 Google Trends 0.85 Neighbourhoods & Landmarks 0.82 Culinary 0.80 Culture 0.78 Google Search Results 0.78 Nightlife 0.78 Shopping 0.78 Museums 0.72
- 21. @ResonanceCo @crfair R E S O N A N C E C O . C O M WHICH OFTHESE FACTORSARE MOST CLOSELY CORRELATEDWITH FOREIGN INVESTMENT?
- 22. @ResonanceCo @crfair FOREIGN DIRECT INVESTMENT Correlation Coefficient PROMOTION 0.85 PROGRAMMING 0.82 PRODUCT 0.79 PEOPLE 0.44 PLACE 0.35 PROSPERITY 0.29
- 23. @ResonanceCo @crfair FOREIGN DIRECT INVESTMENT Correlation Coefficient Google Trends 0.91 Sports Teams 0.87 Facebook Check-in 0.87 Culinary 0.84 Google Search Results 0.83 Museums 0.81 Fortune 500 0.81 Neighbourhoods & Landmarks 0.78 Culture 0.77 Nightlife 0.77 Shopping 0.75
- 24. @ResonanceCo While livability shapes identity, it has a low correlation with visitor arrivals and foreign investment. The relative “vibrancy” of the city is determining where tourism and investment flows. PLACE & PROSPERITY
- 25. @ResonanceCo @crfair 0.83 0.82 0.78 0.64 0.56 GDP International Visitors FDI # VC Deals VC Investment IS PLACEMAKINGA CATALYST FOR ECONOMIC DEVELOPMENT? Correlation with Neighbourhoods & Landmarks
- 26. @ResonanceCo THANKYOU Resonance Consultancy Vancouver | New York www.resonanceco.com @resonanceco Chris Fair, President cfair@resonanceco.com @crfair