Richmond area sets record for tourism spending with 7.4% increase over previous year

According to the latest data from the Virginia Tourism Corporation, consumer spending by visitors in the Richmond region’s seven jurisdictions in 2023 totaled a record $3.7 billion, jumping 7.4% compared to the previous year.

Tourism-related spending in lodging, food and beverage, retail, recreation, and transportation categories generated $176.4 million in local taxes and $105 million in state tax revenues.

The figures also indicate the local tourism industry added 1,401 jobs between 2022 and 2023, reaching 29,305 total positions.

“Our tourism industry continues to grow and make a positive impact on our community,” said Katherine O’Donnell, Richmond Region Tourism president and CEO. “The region is welcoming an impressive number of visitors thanks to our world-class attractions and dining, outdoor activities and diverse experiences. Make no mistake, we’re a destination in demand.”

Officials with Richmond Region Tourism, which represents seven partner localities including Chesterfield, Hanover, Henrico and New Kent counties, the cities of Richmond and Colonial Heights and the town of Ashland, point to how the continued momentum of sport tourism and facility investments are contributing to tourism’s economic impact. Sports tourism accounts for 73% of organizations’ overall group bookings.

“Sports tourism isn’t slowing down in our region,” said J.C. Poma, Chesterfield County Executive Director of Sports, Visitation and Entertainment. “Recent and upcoming facility and field investments in Chesterfield are helping to bring in new visitors and generate spending. We have so much for visitors to see, do and experience while they’re here, and you’re seeing that reflected in last year’s numbers.”

“Sports tourism and facility investment are helping to introduce tens of thousands of people to our region every year as they are coming to enjoy tournaments and many other entertainment options,” said Dennis Bickmeier, Executive Director of the Henrico Sports and Entertainment Authority. “We’re continuing to enhance the portfolio of venues and facilities in Henrico County to help grow the impact of sports and entertainment tourism for years to come.”

Meetings and conventions, leisure, and family and friends travel also boosting visitor interest and spending

The Greater Richmond Convention Center continues to host bigger regional conferences and events with higher attendance numbers.

Events like the National Council on Education for the Ceramic Arts, Presbyterian Church in America and the now-annual GalaxyCon are bringing thousands of visitors to the region.

“National headlines are helping to introduce the region to new visitors, while providing essential third-party endorsements,” said O’Donnell. “People are putting us on their must-visit lists.”

Earlier this year, CNNTravel named Richmond as No. 1 in its Best Towns to Visit inaugural list.

Leaders highlight how positioning the region as a welcoming community for diverse groups – through programs like BLK RVA and OutRVA – is helping to attract more visitors too.

Local museums and attractions are staying busy thanks to visitors as well. Last year, 45% of the Valentine’s visitors were from outside the region.

“Our region has a rich and complex history, and exciting future, that visitors and residents alike are eager to explore,” said Valentine Director Bill Martin. “We’re proud to be a part of the dynamic arts and cultural institutions that help Richmond make headlines while engaging the community.”

The local hotel industry displaying strong economic indicators

For the 2024 fiscal year that concluded on June 30, the region’s hotels generated a total of

$39.4 million in lodging taxes, representing a 4.6% increase from the year before. The numbers represent another record year of hotel tax collection for the region.

“Regional collaboration and strategic planning are helping to drive our success when it comes to visitor spending and hotel tax revenue,” said Lisa Sims, board chair for Richmond Region Tourism. “Tourism has a generous economic ripple effect as visitors shop at small businesses and explore attractions, while supporting quality of life for all of us. It’s exciting to see the momentum.”

Direct visitor spending (in millions) within the Richmond Region Tourism footprint for calendar year 2023 is included below:

*Hanover data includes Town of Ashland tourism numbers

All data was received by the VTC from Tourism Economics and is based on travelers from within the United States taking trips 50 miles or more away from home.