Attractions Industry Generates US$3.6 Billion in Latin American, claims IAAPA.
The International Association of Amusement Parks and Attractions (IAAPA) has released the results of an economic impact study for the attractions industry in Latin America. The IAAPA Economic Impact Study of the Latin American Attractions Industry evaluated the economic conditions of 556 attractions in 11 countries.
According to the report, the industry has a direct or indirect impact on more than 142,000 jobs and generates a total economic impact of US$3.6 billion in economic activity. A summary of the findings is below.
“The amusement parks and attractions industry is serious business and a key part of the region’s economy,” said Paulina Reyes, IAAPA Vice President, Latin America Operations. “Our industry does more than create fun and memorable experiences for all ages, we also create jobs, stimulate tourism, and generate money toward local economies.”
The estimated 556 attractions in Latin America draw 87.9 million visitors each year. Mexico and Brazil top the total numbers of visitors, with attendance of 21.3 and 18.4 million visitors respectively.
Direct revenues, which include admission fees, food and beverage sales, retail sales, hotel charges, and other sales at the attractions as well as visitors’ off-site spending at hotels, restaurants, retail stores, and other venues equaled US$1.9 billion across the 11 countries examined. Brazil’s attractions generated US$681 million in direct revenue, followed by attractions in Mexico that generated US$530 million.
There is an estimated total of 98,208 jobs as a direct result of the attractions industry across the 11 countries examined. When including the jobs generated indirectly, total employment driven by the attractions industry is approximately 142,679.
Collectively, the attractions in the 11 countries examined contributed US$844 million in taxes to their respective countries annually. This included employment taxes (those paid by employees and by employers), sales taxes, and corporate taxes based on total economic impacts. This does not include other taxes and fees that may be paid to government agencies at various levels, including federal, state, and local–such as capital gains, withholding taxes, real estate/property taxes, permitting and other fees, and other fiscal revenue sources which have not been calculated but are also paid by the attractions industry.
Across all 11 countries, there is a total of US$3.6 billion in revenues/sales generated as a result of the attractions industry. Brazil’s total revenue impacts reach US$1.4 billion, followed by Mexico at US$840 million.
The 11 countries examined in the report are: Argentina, Brazil, Chile, Columbia, Costa Rica, Ecuador, Guatemala, Mexico, Peru, Puerto Rico, and Venezuela.