Panama City Beach 2012 Visitor Profile

Presented: March 12, 2013

Berkeley W. Young Larry D. Gustke, PhD

• Analysis of STR data from 13 hotels – 1,943 rooms • Results from the 2012 Visitor Profile Research • Economic Impact and Visitation Estimates • Winter Resident Focus Groups

Report to Panama City Beach TDC

Smith Travel Research Data • Establishes a baseline visitation trend • 13 hotels in Panama City Beach • 1,943 Rooms out of 4,900 in PCB • 7 year Trend Analysis

25.8

34.1

72.8

59.0 62.7

82.8 87.1

53.7

44.7 42.5

33.0 28.6

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0 4-YR Monthly Occupancy Trend

2009

2010

2011

2012

2012 STR Data – 1,943 rooms

2012 STR Data – 1,943 rooms

282,611

279,747

298,813

316,558

349,505

368,971

371,326

0 200,000 400,000 600,000 800,000

2006

2007

2008

2009

2010

2011

2012

7-YR Trend Supply-Demand

Supply

Demand

+ 88,715 room nights sold annually 2012 vs. 2006

2012 STR Data – 1,943 rooms

$35,112,059

$34,960,664

$36,748,047 $36,729,839

$39,118,808

$42,316,895

$44,672,636

30,000,000

40,000,000

50,000,000

2006 2007 2008 2009 2010 2011 2012

7-YR Revenue Trend

Additional $9,560,577 annually 2012 vs. 2006

• Online survey deployed March – December, 2012 • Visitor emails collected at various lodging properties,

restaurants, attractions throughout PCB. • Intercept surveys to balance the data. • 2,903 total survey respondents • 2,036 respondents that visited in 2012

PCB 2012 Visitor Survey

14.0%

59.7%

11.9%

25.8%

72.8%

87.1%

28.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0% 2012 PCB Estimated Occupancy by Month

YSI Est. Overall STR Hotels (1,943 rooms)

2012 PCB Visitor Profile

2012 PCB Visitor Profile

23%

29%

10%

23%

8% 8%

0%

5%

10%

15%

20%

25%

30%

35% Rental Booking Source

2012 PCB Visitor Profile

31.40%

45.70%

3.00% 5.70%

3.00% 7.80%

3.20% 0.20%

Type of Accomodations Stayed-in

2012 PCB Visitor Profile

2.0

2.4

3.5

5.6

4.2

3.3

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Snow Birds

Winter

Spring

Spring Break

Summer

Fall

Average Party Size

2012 PCB Visitor Profile

4.4 4.4 4.6 4.5 4.5

4.7

1

1.5

2

2.5

3

3.5

4

4.5

5

Snow Birds Winter Spring Spring Break Summer Fall

Average Rating of PCB Experience

2012 PCB Visitor Profile

4.66

4.4

4.33

4.33

4.3

4.29

4.29

4.27

4.25

4.21

4.19

4.17

4.17

4.1

3.52

Quality of beaches Range of choices for dining out

Attractiveness/landscaping of the destination Variety of shopping & merchandise

Quality of your accommodations Overall appeal of the attractions in the area

Quality of dining out Ease of finding visitor information

Lodging value you received for the price paid Spring break activities

Night life Signage and wayfinding

Variety of children's activities Level of service / employee training

Ease of traffic

Amenity Ratings

2012 PCB Visitor Profile

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Snow Birds

Winter

Spring

Spring Break

Summer

Fall

Technology Usage

Smartphone I-Pad/Tablet Laptop

2012 PCB Visitor Profile

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Snow Birds

Winter

Spring

Spring Break

Summer

Fall

Repeat Visitation to PCB

First Time

1 or more times

7+ times

2012 PCB Visitor Profile

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Snow Birds

Winter

Spring

Spring Break

Summer

Fall

Planning to Return?

Yes No

2012 PCB Visitor Profile

0.40%

3.60%

1.60%

20.00%

32.60%

30.80%

11.10%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00%

Grade school

Technical school

Some high school

High school graduate

Some college

College degree

Graduate school

Education Level

2012 PCB Visitor Profile Point of Origin

2012 PCB Visitor Profile

$110

$146

$348

$492

$421

$285

$55

$73

$80

$88

$100

$86

$0.00 $100.00 $200.00 $300.00 $400.00 $500.00 $600.00

Snow Birds

Winter

Spring

Spring Break

Summer

Fall

PCB Spending Per Party & Per Person in Paid Lodging

Party per Day Person per Day

2012 PCB Visitor Profile

222,867

313,668

1,068,287

767,011

850,506

1,652,789

1,817,008

757,312

603,727

408,284

193,160

212,238

0 500,000 1,000,000 1,500,000 2,000,000

January

February

March

April

May

June

July

August

September

October

November

December

2012 PCB Visitor Person Nights

Calculated from on taxed lodging

2012 PCB Visitor Profile

$23,643,926

$33,276,922

$113,334,312

$81,372,012

$90,229,949

$175,343,937

$192,765,924

$80,342,998

$64,049,237

$43,314,787

$20,492,285

$22,516,311

$0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000

January

February

March

April

May

June

July

August

September

October

November

December

Total Spending

Economic Impact and Visitation Estimates Process: 1. Tourist Dev. Tax – 2012 tax revenue reports as submitted by the tax office. 2. Gross Lodging Revenue - calculated gross lodging revenue based on the tax

(this would not include non-taxed lodging…gov’t, etc.) 3. Total Visitor Spending - calculated based on visitor surveys that showed

lodging expense was 31.2% of the typical travel party spend, 4. Person days/nights – calculated as gross lodging revenue divided by the

average daily lodging expense per person ($33.10) 5. Rental (lodging parties) Travel Parties – calculated as the number of person

days divided by 4.0 which is the average number of lodgers in lodging parties. 6. Lodging Supply – assumed a monthly inventory of 16,000 rentable units

multiplied by the days in the month 7. Monthly Occupancy – Percent of occupied rentable units

2012 PCB Impact - Taxed Lodging Based on visitors who stayed in taxed overnight lodging

2012 Tourist Development Tax Revenue $14,674,649

Total Taxed Lodging Revenue $293,492,971

Lodging as a Percentage of Total Visitor Spending 31.2%

Total Visitor Spending (from those in taxed lodging) $940,682,598

Average Daily Spending Per Person $106.09

Visitor Days/Nights 8,866,857

Visitor Travel Parties 2,216,714

Overall Annual Occupancy 38.5%

2012 PCB Impact – Owner Use Based on owners & friends/family who did NOT PAY for overnight lodging

Condo / Home / Townhome Inventory (est.) 16,150

Total Annual Inventory (condo, home townhome X 365) 5,894,750

Estimated Occupancy Rate (owners, friends, family) 6.75%

Estimate Occupied nights (owners, friends, family) 398,905

Typical Travel Party Size (owners, friends, family) 5

Visitor Days/Nights 1,994,525

Average Daily Spending Per Person (2012 Visitor profile) $58.11

Total 2012 Spending by Owners, Family & Friends (est.) $115,901,848

2012 PCB Impact – Totals Paid and non-paid lodging

Visitor Days/Nights 10,861,382

Travel Parties 2,615,619

Total Visitor Spending $1,056,584,446

Does not include: • Day-trip • Visitors staying with year-round residents

Winter Resident Focus Groups • Monday, February 25, 2013 • Two groups, eight winter residents each • Two hour discussion session with surveys

2012/13 Winter Resident • Consider themselves residents, not visitors. PCB is their

winter home.

• Affordability of PCB compared to other FL beaches is the key!

• Higher prices are not worth warmer weather to the south.

• Two bedroom condos most popular (guest room for visitors).

• The term “senior” does not apply. These are active mature adults having fun in PCB. It’s a party.

• Active lifestyle = involvement in the community (volunteerism).

• A typical day: • Breakfast at home • Active morning walking on the beach or golfing • Lunch with a group of friends • Nap • Early dinner with friends.

2012/13 Winter Resident • PCB needs to have an aggressive recycling program. It is a

big issue for the retirees.

• Need sidewalks and bike paths along Front Beach Road.

• Donut Days is much appreciated but overcrowded.

• Dancing and social activities are preferred. Rock and roll!

• Night-time driving is limited after 70, late afternoon activities are preferred, consider afternoon rock concerts.

• Senior prom is appreciated but “prom” connotes formal. Consider a monthly late afternoon/ early evening rock concert dance November through February – Homecoming Dance.

2012/13 Winter Resident • Health insurance for Canadians in the U.S. is expensive, many

return to Canada during their visit to cut insurance costs. • Investigate seasonal air service (November – March) between

PCB and Detroit and/or Buffalo. Also more Canadians would visit snow-birds throughout the winter.

• PCB newspaper - better content of local events & happenings. • Snow-birds don’t mind Spring Break. They enjoy the kids.

They dislike that PCB forgets snow-birds March 1st. • Target young retirees for first-time winter visits that will become

an annual habit. Internet and newspapers are best advertising placements. Chatelaine is a popular magazine for Canadian women.

• Barrie and Richard are beloved and are appreciated as concierge-style coordinators.

Berkeley Young, Young Strategies, Inc

byoung@youngstrategies.com 704-677-4018 704-770-3333

www.facebook.com/berkeleyyoung www.twitter.com/berkeleyyoung

www.youngstrategies.com