New Study Expands Attractions Industry Economic Analysis to Latin America and the Caribbean

Latin America & Caribbean (April 15, 2024) - IAAPA, the global trade association for the attractions industry, has expanded its research to encompass the entire attractions industry within the 27 countries/markets in Latin America and the Caribbean. This comprehensive study, conducted in 2023 and compiled with 2022 data by Tourism Economics, commissioned by IAAPA, represents the first time all attraction categories have been included, providing a holistic view of the industry's economic impact.

In addition to the previously focused categories of theme/amusement parks, water parks, and family entertainment centers (FECs), this study now encompasses a broader spectrum of attractions, including zoos/aquariums, museums/science centers, historical, cultural, or natural attractions, and other themed attractions.

The study evaluates the economic impact of the attractions industry analyzing two components:

1. Direct impacts: This includes spending, employment, and wages that occur at the attractions themselves, encompassing admission fees, food & beverage sales, retail purchases, and more. It also extends to off-site spending at hotels, restaurants, stores, transportation, etc., driven by attraction visits.

2. Indirect and induced impacts: Originating from the supply chain of the attractions industry, these impacts stem from the production of required services, which in turn require inputs from other businesses. This ripple effect extends throughout the economy, generating additional economic activity as households spend their income.

Quote from Paulina Reyes, VP and Executive Director for Latin America Caribbean at IAAPA: "This comprehensive study marks a significant milestone in our understanding of the attractions industry's economic impact in Latin America and the Caribbean. By examining all attraction categories and evaluating their contributions through various economic channels, we gain valuable insights into the industry's role as a driver of economic growth and development in the region."

Key findings from the study include:

• Total Revenue Impact: The aggregate revenue impact of the attractions industry across the surveyed countries amounts to an impressive $30.1 billion USD.
• Employment: The industry supports a total of 828,400 jobs, with 528,100 in direct employment and an additional 300,300 in indirect and induced employment.
• Taxes Paid: The attractions industry contributes $2.8 billion USD in total taxes, supporting public services and infrastructure development across the region.

These findings underscore the significant economic contribution of the attractions industry to the Latin American and Caribbean economies, highlighting its role as a driver of revenue generation, job creation, and tax revenues.

IAAPA remains committed to providing valuable research and resources to its members, facilitating growth and excellence within the attractions industry worldwide. IAAPA members can download the full report online, and it is available for purchase for non-members.

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About IAAPA

IAAPA is a diverse and dynamic community of global attractions professionals. As the largest international trade association for permanently located attractions, IAAPA unifies the attractions community, connects people to learn and grow together, and strives to promote the highest professional standards for excellence and safety around the world.

Founded in 1918, IAAPA represents leading industry attractions and supplier companies, consultants, and individual members from more than 100 countries. Members include professionals from amusement parks, theme parks, attractions, water parks, resorts, family entertainment centers, zoos, aquariums, science centers, museums, cruise lines, manufacturers, and suppliers.

The association's global headquarters and North America office are in Orlando, Florida, U.S. IAAPA also maintains offices in Brussels, Belgium; Dubai, United Arab Emirates; Hong Kong SAR, China; Shanghai, China; and, Mexico City, Mexico. Visit IAAPA.org or connect through IAAPA's social media channels: @IAAPAHQ#IAAPA
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