State of Tourism in North Myrtle Beach
In May, North Myrtle Beach reported a 17.5 percent increase in accommodations tax collections, on the strength of successful marketing and branding, great weather and a favorable Easter/Spring Break calendar. This bump, layered on top of the 11 percent increase in new vacationers our marketing attracted in 2016*, bodes well for North Myrtle Beach. As we look towards a strong finish in August, North Myrtle Beach is poised for a breakout year.
To reinforce that optimism, we polled local accommodations, attraction and entertainment operators on how closely their Summer numbers were tracking along with the aforementioned increases and the responses were almost exactly the same, with a reported low of 9 percent increase…all the way up to a 21 per cent increase. Even the first two weeks of June, typically “iffy” due to school release dates, trended upward.
One caution: these are dollars, versus occupancy. Obviously, volume is great, but we also seek profitable growth in the form of well-deserved rate increases among our tourism providers.
Another encouraging sign is the improvement in inventory. As older properties age, homeowners and rental companies alike must continue to make capital improvements and updates to stay competitive.
If you haven’t read last year’s overall report from Gray Research Solutions, here’s a link: http://www.explorenorthmyrtlebeach.com/industrypartners/
And here’s to maintaining the momentum as we enter our seasonal sweet spot!
*Gray Research Solutions 2016 Tourism Research Report