Coronado’s convention sector continued its robust economic recovery last year — with group meetings generating $117.5 million in direct visitor spending for a total economic impact of $170.3 million — according to the 2023 impact report released by Discover Coronado.
That total translates to $322,000 in spending per day by groups meeting in Coronado. Each meeting attendee represents about $1,525 in spending during their meeting dates, or $401 per visitor, per day.
Todd Little, executive director of Discover Coronado, the city’s official destination marketing organization, shared, “Overall group visitor spending in 2023 surpassed peak levels in 2018, with a total economic impact sustaining 989 jobs and generating $8.4 million in local tax revenues. In context, each household in Coronado would have to be taxed $1,300 to replace the $8.4 million received in local tax revenue.”
Coronado hosted more than 77,000 group meeting visitors in 2023, an increase of 3.5% over the prior year.
The report from Oxford Economics underscores the important economic impact of group meetings and conventions on Coronado – and the subsequent effect on local business, job retention and taxes collected by the city.
Additional findings from the new economic impact report revealed:
- The overall hotel occupancy rate was 66.1% in 2023, on par with 2022.
- Coronado hotel room nights sold improved 5.6%, an increase of approximately 22,000 room nights sold.
- Group room nights rose 3.8% in 2023.
- Groups alone support 11.4% of all jobs in Coronado.
Little notes that group travel is a vital economic resource for Coronado — since it funds the City of Coronado’s collection of Transient Occupancy Taxes (TOT). The City of Coronado projects TOT revenue for the 2023 fiscal year to reach $18.5 million.
“The TOT is the city’s second largest funding source. It is fundamental to Coronado’s quality of life – funding critical community services such as the local police and fire departments, libraries, trash collection, park and recreation programs, and grants for local organizations,” he said. “Coronado’s economic health is dependent on a strong, but carefully managed group travel sector.”
To access the full report, visit discovercoronado.com/impact.
