The Vermont Chamber Hospitality Council recently polled its members about the economy and the upcoming holiday season. Businesses saw a strong foliage season this year and indicated that business was up over the same period last year; a sign that Vermont companies are coming out of the economic recession. Two-thirds said that regional events helped bring in business. Of those businesses that host meetings or events, about two-thirds also said that business was either flat or up over the same period last year, especially for family-related events such as weddings and reunions.
While trends indicate travel to Vermont has continued to pick up through the summer and fall, businesses are still cautious about their expectations for the upcoming holiday season. Businesses located in the Northern and Southern parts of the state are more optimistic than businesses located in Central Vermont about doing more business this holiday season than last holiday season.
“This survey data indicates that businesses are starting to see some improvements,” said Vicky Tebbetts, Vice President of the Vermont Chamber Hospitality Council. “We had a strong fall foliage season and hope that Vermont businesses will continue to see improvements well into the New Year.”
An overwhelming majority indicated that three-quarters or more of their business comes from out of state visitors, with the exception of the retail sector.
Many businesses will be offering special deals and promotions from now through the New Year to stay ahead of competitors. Some of those incentives will include: two-for-one deals, specialty weekends, mid-week specials, buy one-get-one specials, early-bird discounts, packages offering added value, and “Vermonter Day” promotions.
Vermont’s hospitality industry is an economic driver, supporting and sustaining our state in difficult economic times. Direct spending by visitors adds $1.61 billion to the Vermont economy; at the same time, visitors made an estimated 14.3 million person trips to Vermont in 2007, which marked a 7% increase over 2005 levels.
Hospitality sectors polled in this non-scientific survey are comprised of dining, accommodations, lodging, attractions and retail.
The Vermont Chamber of Commerce, the largest state-wide private, not-for-profit business organization represents nearly every sector of the state’s corporate/hospitality community. Our mission is to create an economic climate conducive to business growth and the preservation of the Vermont quality of life.
Source: Vermont Chamber Hospitality Council. 11.10.2009
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