Monday, June 24, 2024

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New York and Toronto, the two business capitals of the USA and Canada, have many similarities, including their subways, skyscrapers, and big city attractions, respectively. New York welcomed a total of 61.8 million tourists in 2023, the same year Toronto attracted 8.95 million international tourists. Both cities boast an abundance of shopping, galleries, and museums, along with thriving art scenes, major financial districts, and multicultural neighborhoods.” From Toronto’s vibrant Kensington Market to New York’s glittering Manhattan, each city has distinct neighborhoods that captivate visitors.

New York City stands as a global icon, captivating hearts with its towering skyscrapers and its representation in film, music and art. This attraction has positioned it as a top urban travel destination globally, with the economic impact of tourism reaching $123 billion in 2022, reflecting a strong recovery from the COVID-19 pandemic. The city saw an increase in visitor spending, with an impressive count of 56.7 million tourists in 2022. Additionally, New York ranked second as the most popular travel destination on TikTok in 2023.

In 2022, New York City cemented its position as one of the most popular destinations worldwide, attracting 47.4 million domestic and 8.9 million international tourists. The city continued its upward trend, achieving an overall recovery of 93 percent, welcoming a total of 61.8 million tourists in 2023. Currently, in 2024, New York City is on track to welcome 64.5 million visitors.

TTW CEO Mr. Anup Keshan said, “New York City is spread over 300 square miles and is home to more than 8.5 million people. It offers great entertainment options, vibrant nightlife, diverse cuisine and enjoys a pleasant climate, being pleasant in summer and snowy in winter. On the other hand, Toronto, covering about 243 square miles, is generally considered a better choice for families, less than two hours from New York Explore Toronto before taking a quick flight in. Known as “The City That Never Sleeps,” and most famously “The Big Apple”—a term popularized by sportswriter John J. Fitzgerald in the 1920s was born and later cemented by the tourism drive of the 1970s – New York offers a stark contrast with its bustling attractions and a laid-back, wintery Toronto.

Activities that attract visitors to New York

The city bursts with vibrant attractions, from theatrical spectacles on Broadway to the electrifying atmosphere of Madison Square Garden. During the 2022/23 season, Broadway shows saw approximately 123 thousand attendances, while the New York Knicks drew an average of 19.4 thousand fans per game, often reaching full capacity. The Metropolitan Museum of Art is one of the most visited museums in the world, surpassed only by the Smithsonian Institution in Washington, D.C. Additionally, tourists enjoy numerous free attractions such as Central Park, Times Square, and the New York Public Library.

Residence in New York?

In New York, the majority of tourist spending goes to accommodation, reaching nearly $26 million. New York leads North America in hotel rates in 2023. Following the enactment of Local Law 18 in September 2023, short-term rentals were significantly restricted, limiting Airbnb’s options to about 11 percent of listings.

However, New York offers a plethora of famous hotels such as the Plaza, the Waldorf Astoria and the historically rich Hotel Chelsea, with both the Plaza and the Waldorf Astoria.

Through both lodging and entertainment, New York’s tourism industry not only boosts the local economy but also contributes significantly to the broader US economy.

In 2023, New York City’s tourism industry significantly supported the state and city economy by generating an economic impact of $74 billion, with direct spending contributing $48 billion (not adjusted for inflation). This economic activity sustained more than 380,000 leisure and hospitality jobs, accounting for approximately 9% of the city’s workforce, and fostered thousands of small and minority-owned businesses in all five boroughs. Visitor spending generated more than $6 billion in tax revenue, saving each New York City household approximately $2,000.

New York City Tourism + Conventions, the city’s official destination marketing organization and the Convention and Visitors Bureau, released its final 2023 forecast. The city attracted 61.8 million tourists, a 93% recovery from the record visitation levels seen in 2019.

In 2023, domestic tourism will see 51.1 million visitors, an increase of 7.9% compared to 2022. International visits, which account for nearly half of visitor spending, are projected to reach 10.8 million, representing an increase of 14.9% year-on-year.

By December 2023, more foreign travelers than ever before will have valid US visas.

The five largest international markets for New York City in 2023 will be the United Kingdom (974,000), Canada (864,000), France (728,000), Brazil (589,000) and Germany (554,000).

Toronto, historically nicknamed “Muddy York”, was once known for its lack of a drainage system. Today, the name hearkens back to the early years of the Canadian city when it was known as the Town of York. Despite the bright lights and high-rise skylines, Toronto is notably cleaner, more relaxed and perhaps friendlier, with distinctive districts like Little India and Greektown, lakeside trails and green spaces like Edwards Gardens and the Toronto Sculpture Garden.

In 2023, Toronto welcomed 8.95 million visitors, a significant increase from 6.5 million visitors in 2022. This surge in tourism reflects the city’s growing appeal as a tourist destination, reflecting its diverse attractions and vibrant cultural scene.

Overall business travel destination spending accounts for 65% of total US business travel spending:

  • California
  • New York
  • Florida

Hotels in New York

  • Park Hyatt
  • Mandarin Oriental
  • Four Seasons Hotel
  • The Ritz-Carlton

Popular tourist attractions in New York

  • Statue of independence
  • Times Square
  • Central Park
  • Metropolitan Museum of Art
  • World Trade Center

Must visit places in Toronto

  • Toronto Island Park
  • CN Tower
  • Ripley’s Aquarium
  • CF Toronto Eaton Centre
  • Scarborough Bluffs

Toronto Pearson, Canada’s busiest airport, is the largest in the country by total passenger traffic and the second largest in North America by international traffic.

Tags: Brazil, Business Travel News, California, France, Germany, New York, Toronto, Toronto Tourism, Travel Industry, Travel News, UK, USA

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