Coventry's visitor economy rises to a record value of £855m
Tourism in Coventry has grown for a third successive year with the value of the visitor economy rising to a record £855m in 2023.
The visitor economy has grown by more than £100 million on the previous year and increased by £261 million on pre-pandemic figures.
New research shows that 11.39 million people chose to visit Coventry last year, marking a new record and signalling growth of more than one million visitors since 2019.
Visitor numbers have risen by 3.1 per cent compared to 2022, with visitor’s direct expenditure with the city’s hospitality, leisure, retail and tourism businesses up 13.9 per cent.
A total of 7,911 jobs are now supported by the expanding visitor economy in the city, with the number of full-time roles supported by the sector up 7.5 per cent from 2023 and 17 per cent over the last four years.
In 2022, Coventry’s visitor economy was valued at £750.86 million and attracted 11.05 million visitors. The 2023 figures have seen growth across all key metrics, with tourism peaking in the city in August.
The city continues to grow at a faster rate than the West Midlands Combined Authority (WMCA) area in the percentage of growth for visitor numbers, economic impact and total employment – with visitor numbers growing at a rate of five per cent faster than the rest of the WMCA.
The new stats have been revealed in an economic impact report on tourism in the city, which was commissioned by destination management organisation, Destination Coventry, in partnership with West Midlands Growth Company.
The report has been formulated by Global Tourism Solutions using its STEAM (Scarborough Tourism Economic Activity Monitor) model.
Destination Coventry, which includes brands Visit Coventry and Conference Coventry & Warwickshire, delivers destination management and marketing for to grow and support the visitor economy in Coventry.
Paul McMahon, Managing Director of Destination Coventry, said: “It has been another strong year for Coventry’s visitor economy which continues to hit new heights and lead the way in the West Midlands in terms of growth percentage.
“These latest figures reflect the second full year of Destination Coventry’s operations and highlight what can be achieved when businesses across the tourism sector are all working together to achieve positive outcomes.
“I’ve been in this role for a few months now and it is clear that the city’s tourism offer has incredible potential. We’ll be working with our partners to help realise that potential and ensure continued growth of the visitor economy.”
Destination Coventry is a collaboration between Coventry City Council and Coventry & Warwickshire Chamber of Commerce.
Councillor Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change at the City Council, said: “It’s really encouraging that tourism has grown over the years – and especially on pre-pandemic figures.
“We have seen a massive amount of change in the city in the past few years with big changes in the city centre, refurbished heritage venues and a redeveloped railway station, giving people a warm and welcoming first impression of the city. We also have some brilliant, top-notch hotels which are playing their part in people wanting to stay in the city for longer and spending their money here which is good for local businesses which in turn supports jobs for local people.
“We need to continue to work with all our partners to boost this sector, and ensure that every visitor experience in the city is something that people wish to repeat.”
Corin Crane, Chief Executive of Coventry & Warwickshire Chamber of Commerce, added: “We know that Coventry has got so much going for it and it feels like we’ve helped to awaken the rest of the world to that.
“Coventry is outperforming the rest of the West Midlands and is now clearly a destination that residents, visitors and businesses want to spend time in. Visitors are enjoying the breadth of attractions, hotels, bars, restaurants, culture, historical buildings and sporting events that fill the city, so we want to see these figures increase every year as people learn what an incredible place this is.”