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Puerto Rico Reflects on 2022 as Strongest Year in Tourism History, this National Plan for Vacation Day
Puerto Rico Reflects on 2022 as Strongest Year in Tourism History, this National Plan for Vacation Day
PR Newswire
SAN JUAN, Puerto Rico, Jan. 31, 2023
U.S. territory saw records in travelers, revenue and local tourism employment, coupled by innova…
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Puerto Rico Reflects on 2022 as Strongest Year in Tourism History, this National Plan for Vacation Day
PR Newswire
SAN JUAN, Puerto Rico, Jan. 31, 2023
U.S. territory saw records in travelers, revenue and local tourism employment, coupled by innovative destination marketing strategies and a rise in traveler likelihood to visit
SAN JUAN, Puerto Rico, Jan. 31, 2023 /PRNewswire/ -- On National Plan for Vacation Day, Discover Puerto Rico, the Island's official Destination Marketing Organization (DMO), shares the 2022 record-breaking, success story of the Island's travel and tourism sector. On the heels of the COVID-19 pandemic, Puerto Rico reported peaks in incoming travelers, record revenues and more local tourism employees than ever before in its history.
Puerto Rico's unique appeal as a U.S. territory with an unparalleled cultural flair, natural wonders and warm "Boricua" spirit continues to allure travelers, contributing to the Island's tourism successes in 2022, which include:
- More than 5.1 million passengers arrived at the Luis Muñoz Marín International Airport, a 6.5% increase from 2021. (Aerostar Airport Holdings, LLC)
- Approximately $8.9 billion in revenue was generated by travel and tourism, a 39% increase over the previous high in 2019. (Tourism Economics)
- The Island now employs more than 91,500 individuals in travel and tourism related jobs, also the highest ever. Employment in the leisure and hospitality sector in Puerto Rico has increased by 12.8% compared to pre-pandemic levels, while employment numbers in the U.S. remain 4% below when considering the same period. (Bureau of Labor Statistics)
- Booked group room nights in 2022 doubled those from 2021, and the number of events currently booked for 2023 are 81% higher versus the same time last year, speaking to the efforts that inspire planners to "Make Your Meeting Boricua." Even more encouraging, the number of prospective room nights for 2023 and beyond topped 1 million nights for a 35% increase over 2021. (Simpleview)
- A record-breaking fourth quarter, despite Hurricane Fiona's passing through Puerto Rico in September 2022, the industry saw lodging demand for the last three months of the year 7% higher than the previous highs in 2021 and 31% higher than pre-pandemic levels. Post-hurricane perception studies showed that 76% of respondents indicated that the storm had no impact on their travel plans. (STR & AirDNA)
- Likelihood to visit Puerto Rico in the next 12 months has grown to 22%, as of late 2022. (SMARInsights)
This growth has been propelled by the creative global marketing efforts of Discover Puerto Rico to spotlight the destination, its unique attributes and ease of travel. Since the DMO was founded in 2018, and despite various natural weather events and the COVID-19 crisis, the Island's DMO has generated programming that drove travel and tourism metrics to unprecedented levels despite challenges including economic headwinds.
"Amidst one of the most extreme challenges the global tourism industry has ever faced, Puerto Rico's travel sector went from surviving to thriving, breaking the previous record set in 2021 yet again in 2022" said Brad Dean, CEO of Discover Puerto Rico. "I'm very proud of the work our team has achieved, often under trying circumstances beyond our control, applying data-centric and strategic practices in collaboration with stakeholders throughout the Island and industry."
Since its inception, Discover Puerto Rico has created and implemented effective multi-channel marketing tactics and campaigns designed for longevity of the destination brand and to advance its mission, which is to bring prosperity to Puerto Rico by positioning the Island as a premier destination for leisure, business and event travel.
"As a best-in-class Destination Marketing Organization, we strive for innovation with each new campaign and tactic," said Leah Chandler, CMO of Discover Puerto Rico. "We're beyond solidifying our brand position which we focused on during our inception, and now, we're going back to the Island's roots with a values-based marketing approach that dives deep into what mean it to be 'Boricua.'"
Among the most successful Discover Puerto Rico-led marketing tactics and campaigns in 2022:
- "Live Boricua" - Launched in May 2022, this innovative brand campaign is the manifestation of Discover Puerto Rico's focus on elevating local culture while underscoring values-based marketing. Live Boricua emphasizes its diverse people and culture, with a distinction no other destination can claim: the word "Boricua," or a person born in Puerto Rico or of Puerto Rican descent. The campaign's insights, creative and assets – including the "stars" of its ads and videos that showcase the Puerto Rican way of life – center on or were developed by Boricuas. The campaign encourages travelers to embrace the spirit, passion and cultural uniqueness of the Island's people.
Live Boricua has been successful in all aspects of its marketing workstreams, generating more than 515 million in media impressions from earned media tactics. From a traditional media standpoint, Live Boricua reached nearly 300 million impressions, increasing familiarity and consideration of visiting the Island. Digital media efforts complimented the traditional, with nearly 1.5 million pageviews driven by paid media, with over 483,000 of those visitors engaging with multiple pages on the site. Likewise, 75.3 million consumers watched the Live Boricua digital video ads 100%, which equates to a completed view rate of 73.46% (Google Campaign Manager or GCM). When surveyed by the DMO, more than half – 58% – of consumers find that Puerto Rico is more appealing to them when they see Boricua in a travel ad and 71% of consumers would research Puerto Rico after seeing an ad with Boricua. (SMARInsights) - "Sunshine to Spare" - Discover Puerto Rico partnered with the Pantone Color Institute to create a first-of-its-kind color inspired by the hue of Puerto Rican sunlight, based on findings by Puerto Rican physicist, Hector J. Jimenez. The new color – Puerto Rico Sunshine – has taken on a life of its own, with collaborations alongside notable entities like ECOS Paint and designer Christian Cowan. It has also sparked an unprecedented pride in the local Boricua community, with a multitude of small businesses creating unique products – from jewelry to popsicles – inspired by the color sold, now through the Sunshine Shop on the Discover Puerto Rico website.
Travelers can also partake in the new Sunshine Route – a curated map that showcases how visitors can experience Puerto Rico Sunshine via a road trip to destinations across the Island, exploring both activities and products as part of the program. To date, this multifaceted campaign has garnered 1 billion impressions.
With no passport, currency exchange, or international phone plan required for U.S. citizens, Puerto Rico is the perfect place for those looking for a combination of unparalleled cultural experiences, breathtaking beaches, world-class culinary delights, natural wonders, and thrilling adventures – all under the remarkable Puerto Rico sunshine.
For more details on the performance of Puerto Rico's travel and tourism industry, visit: www.discoverpuertorico.com/industry.
About Discover Puerto Rico:
Discover Puerto Rico is a private, not-for-profit Destination Marketing Organization (DMO) whose mission is to make Puerto Rico visible to the world as a premier travel destination. The DMO brings prosperity to the people of Puerto Rico by collaboratively promoting the Island's diversity and uniqueness for leisure and business travel, and events. It is responsible for all global marketing, sales, and promotion of the destination and works collaboratively with key local governmental and non-governmental players throughout Puerto Rico's visitor economy and the community at large, to empower economic growth. To discover all the beauty the Island has to offer, visit DiscoverPuertoRico.com.
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SOURCE Discover Puerto Rico
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Shipping company files surprise Chapter 7 bankruptcy, liquidation
While demand for trucking has increased, so have costs and competition, which have forced a number of players to close.
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The U.S. economy is built on trucks.
As a nation we have relatively limited train assets, and while in recent years planes have played an expanded role in moving goods, trucks still represent the backbone of how everything — food, gasoline, commodities, and pretty much anything else — moves around the country.
Related: Fast-food chain closes more stores after Chapter 11 bankruptcy
"Trucks moved 61.1% of the tonnage and 64.9% of the value of these shipments. The average shipment by truck was 63 miles compared to an average of 640 miles by rail," according to the U.S. Bureau of Transportation Statistics 2023 numbers.
But running a trucking company has been tricky because the largest players have economies of scale that smaller operators don't. That puts any trucking company that's not a massive player very sensitive to increases in gas prices or drops in freight rates.
And that in turn has led a number of trucking companies, including Yellow Freight, the third-largest less-than-truckload operator; J.J. & Sons Logistics, Meadow Lark, and Boateng Logistics, to close while freight brokerage Convoy shut down in October.
Aside from Convoy, none of these brands are household names. but with the demand for trucking increasing, every company that goes out of business puts more pressure on those that remain, which contributes to increased prices.
Image source: Shutterstock
Another freight company closes and plans to liquidate
Not every bankruptcy filing explains why a company has gone out of business. In the trucking industry, multiple recent Chapter 7 bankruptcies have been tied to lawsuits that pushed otherwise successful companies into insolvency.
In the case of TBL Logistics, a Virginia-based national freight company, its Feb. 29 bankruptcy filing in U.S. Bankruptcy Court for the Western District of Virginia appears to be death by too much debt.
"In its filing, TBL Logistics listed its assets and liabilities as between $1 million and $10 million. The company stated that it has up to 49 creditors and maintains that no funds will be available for unsecured creditors once it pays administrative fees," Freightwaves reported.
The company's owners, Christopher and Melinda Bradner, did not respond to the website's request for comment.
Before it closed, TBL Logistics specialized in refrigerated and oversized loads. The company described its business on its website.
"TBL Logistics is a non-asset-based third-party logistics freight broker company providing reliable and efficient transportation solutions, management, and storage for businesses of all sizes. With our extensive network of carriers and industry expertise, we streamline the shipping process, ensuring your goods reach their destination safely and on time."
The world has a truck-driver shortage
The covid pandemic forced companies to consider their supply chain in ways they never had to before. Increased demand showed the weakness in the trucking industry and drew attention to how difficult life for truck drivers can be.
That was an issue HBO's John Oliver highlighted on his "Last Week Tonight" show in October 2022. In the episode, the host suggested that the U.S. would basically start to starve if the trucking industry shut down for three days.
"Sorry, three days, every produce department in America would go from a fully stocked market to an all-you-can-eat raccoon buffet," he said. "So it’s no wonder trucking’s a huge industry, with more than 3.5 million people in America working as drivers, from port truckers who bring goods off ships to railyards and warehouses, to long-haul truckers who move them across the country, to 'last-mile' drivers, who take care of local delivery."
The show highlighted how many truck drivers face low pay, difficult working conditions and, in many cases, crushing debt.
"Hundreds of thousands of people become truck drivers every year. But hundreds of thousands also quit. Job turnover for truckers averages over 100%, and at some companies it’s as high as 300%, meaning they’re hiring three people for a single job over the course of a year. And when a field this important has a level of job satisfaction that low, it sure seems like there’s a huge problem," Oliver shared.
The truck-driver shortage is not just a U.S. problem; it's a global issue, according to IRU.org.
"IRU’s 2023 driver shortage report has found that over three million truck driver jobs are unfilled, or 7% of total positions, in 36 countries studied," the global transportation trade association reported.
"With the huge gap between young and old drivers growing, it will get much worse over the next five years without significant action."
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Wendy’s has a new deal for daylight savings time haters
The Daylight Savings Time promotion slashes prices on breakfast.
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Daylight Savings Time, or the practice of advancing clocks an hour in the spring to maximize natural daylight, is a controversial practice because of the way it leaves many feeling off-sync and tired on the second Sunday in March when the change is made and one has one less hour to sleep in.
Despite annual "Abolish Daylight Savings Time" think pieces and online arguments that crop up with unwavering regularity, Daylight Savings in North America begins on March 10 this year.
Related: Coca-Cola has a new soda for Diet Coke fans
Tapping into some people's very vocal dislike of Daylight Savings Time, fast-food chain Wendy's (WEN) is launching a daylight savings promotion that is jokingly designed to make losing an hour of sleep less painful and encourage fans to order breakfast anyway.
Image source: Wendy's.
Promotion wants you to compensate for lost sleep with cheaper breakfast
As it is also meant to drive traffic to the Wendy's app, the promotion allows anyone who makes a purchase of $3 or more through the platform to get a free hot coffee, cold coffee or Frosty Cream Cold Brew.
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Available during the Wendy's breakfast hours of 6 a.m. and 10:30 a.m. (which, naturally, will feel even earlier due to Daylight Savings), the deal also allows customers to buy any of its breakfast sandwiches for $3. Items like the Sausage, Egg and Cheese Biscuit, Breakfast Baconator and Maple Bacon Chicken Croissant normally range in price between $4.50 and $7.
The choice of the latter is quite wide since, in the years following the pandemic, Wendy's has made a concerted effort to expand its breakfast menu with a range of new sandwiches with egg in them and sweet items such as the French Toast Sticks. The goal was both to stand out from competitors with a wider breakfast menu and increase traffic to its stores during early-morning hours.
Wendy's deal comes after controversy over 'dynamic pricing'
But last month, the chain known for the square shape of its burger patties ignited controversy after saying that it wanted to introduce "dynamic pricing" in which the cost of many of the items on its menu will vary depending on the time of day. In an earnings call, chief executive Kirk Tanner said that electronic billboards would allow restaurants to display various deals and promotions during slower times in the early morning and late at night.
Outcry was swift and Wendy's ended up walking back its plans with words that they were "misconstrued" as an intent to surge prices during its most popular periods.
While the company issued a statement saying that any changes were meant as "discounts and value offers" during quiet periods rather than raised prices during busy ones, the reputational damage was already done since many saw the clarification as another way to obfuscate its pricing model.
"We said these menuboards would give us more flexibility to change the display of featured items," Wendy's said in its statement. "This was misconstrued in some media reports as an intent to raise prices when demand is highest at our restaurants."
The Daylight Savings Time promotion, in turn, is also a way to demonstrate the kinds of deals Wendy's wants to promote in its stores without putting up full-sized advertising or posters for what is only relevant for a few days.
Related: Veteran fund manager picks favorite stocks for 2024
stocks pandemicUncategorized
Comments on February Employment Report
The headline jobs number in the February employment report was above expectations; however, December and January payrolls were revised down by 167,000 combined. The participation rate was unchanged, the employment population ratio decreased, and the …
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Prime (25 to 54 Years Old) Participation
Since the overall participation rate is impacted by both cyclical (recession) and demographic (aging population, younger people staying in school) reasons, here is the employment-population ratio for the key working age group: 25 to 54 years old.
The 25 to 54 years old participation rate increased in February to 83.5% from 83.3% in January, and the 25 to 54 employment population ratio increased to 80.7% from 80.6% the previous month.
Average Hourly Wages
The graph shows the nominal year-over-year change in "Average Hourly Earnings" for all private employees from the Current Employment Statistics (CES). Wage growth has trended down after peaking at 5.9% YoY in March 2022 and was at 4.3% YoY in February.
Part Time for Economic Reasons
From the BLS report:"The number of people employed part time for economic reasons, at 4.4 million, changed little in February. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs."The number of persons working part time for economic reasons decreased in February to 4.36 million from 4.42 million in February. This is slightly above pre-pandemic levels.
These workers are included in the alternate measure of labor underutilization (U-6) that increased to 7.3% from 7.2% in the previous month. This is down from the record high in April 2020 of 23.0% and up from the lowest level on record (seasonally adjusted) in December 2022 (6.5%). (This series started in 1994). This measure is above the 7.0% level in February 2020 (pre-pandemic).
Unemployed over 26 Weeks
This graph shows the number of workers unemployed for 27 weeks or more. According to the BLS, there are 1.203 million workers who have been unemployed for more than 26 weeks and still want a job, down from 1.277 million the previous month.
This is close to pre-pandemic levels.
Job Streak
| Headline Jobs, Top 10 Streaks | ||
|---|---|---|
| Year Ended | Streak, Months | |
| 1 | 2019 | 100 |
| 2 | 1990 | 48 |
| 3 | 2007 | 46 |
| 4 | 1979 | 45 |
| 5 | 20241 | 38 |
| 6 tie | 1943 | 33 |
| 6 tie | 1986 | 33 |
| 6 tie | 2000 | 33 |
| 9 | 1967 | 29 |
| 10 | 1995 | 25 |
| 1Currrent Streak | ||
Summary:
The headline monthly jobs number was above consensus expectations; however, December and January payrolls were revised down by 167,000 combined. The participation rate was unchanged, the employment population ratio decreased, and the unemployment rate was increased to 3.9%. Another solid report.
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