Tourists in Las Vegas expected to spend more
The tourism economy has yet to recover from the Great Recession, but the Retail Association of Nevada predicts Las Vegas visitors will spend almost as much on shopping this summer as they did in the prebust summer of 2006.
The association estimates that summer visitors spent $1.38 billion in 2006, and will spend $1.35 billion in Las Vegas shops this summer. The projection for this year represents a 13 percent increase over the $1.19 billion in shopping by visitors during the same months last year.
"I don’t think the good days have come yet," spokesman Bryan Wachter said. "I think we can see them off in the distance."
The retail trade group predicted that overall spending — including food and drink, lodging, local transportation, hotel rooms, sightseeing and gambling — will increase 11 percent, to $12.2 billion, this summer, up from $11 billion last year.
Visitors are getting over their fear of job loss and are willing to open their wallets a little wider, Wachter said.
A recent Gallup national survey shows that 67.8 percent of consumers intend to cut back on spending in June, down from 70.4 percent in late April and early May.
The number of yearly visitors is rebounding from the lows of recent years and will reach a total 38.3 million, close to the 38.9 million in 2006, according to the Las Vegas Convention and Visitors Authority.
"We have more people coming to Vegas, and more people who are going to shop in Vegas and they are going to spend more money," Wachter said.
The association assumes that 64 percent of Las Vegas visitors will spend an average of $208 in retail shops, up from $192 during summer 2010.
The study, conducted by Applied Analysis, is based on numbers from the Las Vegas Convention and Visitors Authority.
Contact reporter John G. Edwards at jedwards@reviewjournal.com or 702-383-0420.
