Tourism demand generated economic benefits of 1.6 billion francs in 2023 in the canton of Vaud, according to a study. The sector represents more than 17,000 jobs (EPT), or 21,000 people. These results will help guide the canton’s tourism strategies.
Monitoring the tourism sector is complex, particularly due to the multiplicity of stakeholders and the lack of data, declared Isabelle Moret, State Councilor in charge of the Economy, Monday to the press in Pully.
This is why this study, carried out by Bak Economics on behalf of Vaud Promotion and the Association romande des hôteliers (ARH), providing up-to-date data is particularly important, she added. “It will serve as a compass for us to anticipate and adjust our strategy.”
In addition to updating the figures, the study, costing 100,000 francs, aimed to establish a post-Covid benchmark and to situate the place of tourism in the cantonal economy, explained Marc Bros of Puechredon, Chairman of the Board of Directors of Bak Economics. It is based on the year 2023.
A value chain
Last year, tourism generated added value of 1.6 billion francs, including 793 million in accommodation, catering and related sectors. Total demand (hotels, para-hotels, day trippers) reached around 2 billion francs.
In terms of hotel nights, the 257 establishments in the canton of Vaud recorded 2.9 million. Total attendance (including excursions and parahotels) amounts to 17.3 million visits. The Vaud region offers on average 24 beds per 1000 inhabitants, a figure lower than the national average of 32.
Tourism supports not only accommodation and catering, but also various local businesses and services: it promotes a value chain that benefits many businesses in the region, added Marc Bros de Puechredon. According to the study, for every franc of added value generated by tourism, 1.05 francs of additional value is created in other regional businesses outside of tourism.
A significant share of GDP
The sector’s contribution to the cantonal gross domestic product reaches 2.4%, which corresponds to approximately three quarters of the banks’ added value. For the cantonal labor market, the importance of tourism is more marked: 4.3% of all jobs in the canton depend on tourism.
The sector thus generates as many jobs in the canton of Vaud as the entire financial sector and more than four times as many jobs as the pharmaceutical industry. The sector generated income of around 1.3 billion francs for employees.
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