In the 2020-21 financial year, the tourism industry in Victoria was valued at $10.7 billion in Gross State Product (GSP) and provided employment for approximately 120,000 people. However, the COVID-19 pandemic significantly impacted the industry, causing a decline in its share of the Victorian economy.
Direct tourism employment in Victoria was evenly split between full-time (50%) and part-time (50%) positions. The majority of direct tourism employment (79%) was concentrated in four main industries: cafes, restaurants and takeaway services (44%), retail trade (15%), accommodation (10%), and clubs, pubs, taverns, and bars (9%).
The total direct Gross Value Added (GVA) in Victoria for 2020-21 was primarily derived from domestic travel ($4.6 billion, or 95%). Intrastate overnight travel accounted for 55% of direct GVA, followed by interstate overnight travel (19%) and same-day trips (22%). International travel contributed only $0.2 billion (5%) to direct GVA due to border closures.
Considering this data, it is crucial for prospective hotel investors in Victoria to cater to the domestic market's preferences and focus on the industries with the highest tourism employment rates. By doing so, investors can position themselves to take advantage of the recovering tourism industry as it bounces back from the challenges posed by the COVID-19 pandemic.
Please find our current selection of Victorian Hotels For Sale available below.
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