Tourists are happy with Las Vegas vacations
The 2024 Las Vegas Visitor Profile Study, conducted by the Las Vegas Convention and Visitors Authority (LVCVA), offers valuable insights into the evolving demographics and preferences of visitors to Las Vegas. These trends have significant implications for the local real estate market, influencing both residential and commercial property dynamics.
Key Findings from the 2024 Visitor Profile Study
- Increased Visitor Volume: Las Vegas welcomed approximately 41.7 million visitors in 2024, marking a 2.1% increase from the previous year.
- Demographic Shifts: The average age of visitors in 2024 was 43.6 years, three years younger than in 2019. Notably, 64% of visitors reported household incomes of $100,000 or more, up from 48% in 2023 and 28% in 2019.
- Family-Oriented Travel: In 2024, 13% of visitors brought individuals under 21 years old, a decrease from the pandemic peak but still higher than pre-pandemic levels. The majority of these younger visitors were aged between 6 and 17.
- Shifts in Spending Patterns: Visitors in 2024 allocated more of their budgets to food, beverages, and shopping, while expenditures on entertainment saw a decline.
- Sustained International Tourism: International visitors constituted 12% of the total in 2024, consistent with the previous year and significantly higher than the 3% observed in 2021.
Implications for the Las Vegas Real Estate Market
- Residential Real Estate: The influx of younger, affluent visitors may drive demand for modern housing options, including luxury apartments and condominiums. Developers and investors should consider amenities that cater to this demographic, such as smart home technologies and proximity to lifestyle-centric establishments.
- Family-Friendly Housing: The sustained trend of visitors bringing children suggests a potential market for family-oriented housing solutions. Properties with multiple bedrooms, access to quality schools, and family-friendly community features could see increased demand.
- Commercial Real Estate: With higher visitor spending on dining and shopping, there is an opportunity for the development of upscale retail spaces and gourmet dining establishments. Commercial properties that accommodate these ventures are likely to experience growth.
- Entertainment Venues: The decline in spending on traditional entertainment indicates a shift in visitor preferences. Investors might explore innovative entertainment concepts or experiential venues that align with current trends to revitalize this sector.
Conclusion
The 2024 Visitor Profile Study underscores the dynamic nature of Las Vegas’s tourism landscape. For stakeholders in the real estate market, staying attuned to these evolving visitor demographics and preferences is crucial. By aligning development and investment strategies with these trends, there is potential to capitalize on emerging opportunities and contribute to the city’s continued growth and appeal.
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Very Vintage Vegas does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your research and due diligence and obtain professional advice before making any investment decision. Very Vintage Vegas, will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
