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@ResonanceCo
PLACE & PROSPERITY
RESONANCE
@ResonanceCo @crfair
Resonance Consultancy is a global advisor on real estate, tourism and economic development for countries, cities and communities around the world.
ABOUT US
@ResonanceCo @crfair
// Vancouver Tourism Master Plan
// Cincinnati Destination Development Strategy
// Aruba Tourism Authority Strategic Business Plan
// Ireland South & East Brand Strategy
// Tulsa Destination Development Strategy
// Portland Tourism Master Plan
// Bermuda Destination Assessment
// Calgary Urban Revitalization
// U.S. Virgin Islands Brand Strategy
RECENT PROJECTS
@ResonanceCo
What are the factors that shape our perception of place and attract tourism and investment to a city?
THE POWER OF PLACE
R E S O N A N C E C O . C O M @ C R FA I R R E S O N A N C E C O . C O M @ C R FA I R
WHAT MILLENNIALS WANT IN A CITY TO LIVE
R E S O N A N C E C O . C O M @ C R FA I R
MOST IMPORTANT FACTORS WHEN EVALUATING A CITY AS POTENTIAL PLACE TO LIVE
Base: All respondents (n=1,548)C2. How important would you rank each of the following factors when evaluating a city as a potential place to live?
Crime and safety
Job opportunities
Affordability and availability of housing
Average time to commute to work
Quality of K-12 schools
Quality of the natural environment
Average wages and household income
Quality of parks and outdoor recreation
Favourable climate and number of sunny days
Proximity to hospitals/healthcare services
Quality and number of restaurants
Quality and variety of shopping
Quality of cultural attractions 32%
33%
37%
38%
40%
40%
41%
41%
43%
43%
55%
55%
60%
18%
17%
20%
21%
22%
23%
24%
25%
26%
26%
35%
35%
42%
10 – Extremely important 9
MOST IMPORTANT FACTORS WHEN EVALUATING A CITY AS POTENTIAL PLACE TO LIVE (CONTINUED)
7
Base: All respondents (n=1,548)C2. How important would you rank each of the following factors when evaluating a city as a potential place to live?
Interesting character neighborhoods
Number of friends/family that live in the area
Ease of getting around using public transportation
Quality and variety of nightlife
Ethnic diversity of community
Number of destinations airport serves
Professional published ratings, reviews and rankings
Ratings, reviews in social media channels
Ranking and reputation of local university/college
Majority of residents share my political views
Majority of residents share my religious beliefs
Number of major league sports teams
Number of Fortune 500 companies 22%
22%
24%
25%
28%
28%
28%
28%
29%
29%
31%
32%
32%
11%
11%
12%
13%
14%
14%
14%
14%
16%
15%
17%
17%
17%
10 – Extremely important 9
R E S O N A N C E C O . C O M @ C R FA I R
WHAT THEY WANT IN A VACATION DESTINATION
R E S O N A N C E C O . C O M @ C R FA I R
Safety
Cost
English spoken
Quality of the natural environment/scenery
Number of fun attractions
Easily accessible by commercial flights
Opportunities to learn something new
Quality of parks/outdoor recreation
Good cultural attractions
Warm climate/weather
Exciting city environment
Close to beach, access to water
Iconic landmarks
KEY DECISION FACTORS WHEN DECIDING ON A VACATION DESTINATION
Base: All respondents (n=1,548)A5. On a scale of 1-10, what are the most important factors you take into account when deciding on a vacation destination, with 1 being not important at all and 10 being extremely important?
34%
35%
35%
36%
36%
37%
37%
38%
39%
42%
44%
52%
57%
18%
19%
19%
19%
19%
21%
21%
22%
23%
26%
26%
35%
39%
10 – Extremely important 9
Quality and number of restaurants
Ease of getting around using public transportation
All inclusive pricing
Online peer reviews and ratings
Passport not required to visit
Quality and variety of shopping
Cultural festivals and events
Off the beaten path location
Professional printed guidebook reviews
Social media postings by friends/family
Magazine/Newspaper articles
Sporting events 22%
22%
24%
24%
25%
28%
28%
29%
32%
34%
34%
34%
10%
11%
13%
11%
13%
15%
15%
18%
16%
19%
19%
18%
KEY DECISION FACTORS WHEN DECIDING ON A VACATION DESTINATION (CONTINUED)
Base: All respondents (n=1,548)A5. On a scale of 1-10, what are the most important factors you take into account when deciding on a vacation destination, with 1 being not important at all and 10 being extremely important?
10 – Extremely important 9
@ResonanceCo
ANALYSIS
// 27 factors grouped into six categories: Place, Product, Programming, People, Prosperity and Promotion
// 52 US cities with metropolitan populations of more than one million
@ResonanceCo
PLACE
Weather National Climatic Weather Centre
Crime rate Federal Bureau of Investigations
Neighbourhoods & Landmarks TripAdvisor
Parks & Outdoors TripAdvisor
Air Quality Index U.S. Environmental Protection Agency
Commute time to work American Community Survey 2011-15
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PRODUCT
University Ranking U.S. News & World Report
Connectivity Google Flights
Convention Centers Official Convention Center Website
Entertainment TripAdvisor
Museums & Fine Arts Institutions TripAdvisor
Housing Affordability American Community Survey 2011-15
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PROGRAMMING
Restaurants & Culinary Experiences TripAdvisor
Shopping TripAdvisor
Nightlife TripAdvisor
Culture & Performing Arts TripAdvisor
@ResonanceCo
PEOPLE
Foreign-born residents American Community Survey 2011-15
Population that speaks a language other than English
American Community Survey 2011-15
Educational Attainment American Community Survey 2011-15
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PROSPERITY
Fortune 500 companies Fortune
Median Household Income American Community Survey 2011-15
Unemployment Rate American Community Survey 2011-15
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PROMOTION
Google References Google
TripAdvisor Reviews TripAdvisor
Google Trends Google
Facebook check-ins Facebook
R E S O N A N C E C O . C O M @ C R FA I R
WHICH OF THESE FACTORS ARE MOST CLOSELY CORRELATED WITH VISITOR ARRIVALS?
R E S O N A N C E C O . C O M @ C R FA I R
@ResonanceCo @crfair
INTERNATIONAL VISITORS
Correlation Coefficient
PROMOTION 0.90
PROGRAMMING 0.82
PRODUCT 0.66
PLACE 0.61
PEOPLE 0.58
PROSPERITY 0.29
@ResonanceCo @crfair
INTERNATIONAL VISITORSCorrelation Coefficient
Facebook Check-in 0.89TripAdvisor Reviews 0.86Google Trends 0.85Neighbourhoods & Landmarks 0.82Culinary 0.80Culture 0.78Google Search Results 0.78Nightlife 0.78Shopping 0.78Museums 0.72
@ResonanceCo @crfairR E S O N A N C E C O . C O M
WHICH OF THESE FACTORS ARE MOST CLOSELY CORRELATED WITH FOREIGN INVESTMENT?
@ResonanceCo @crfair
FOREIGN DIRECT INVESTMENT
Correlation Coefficient
PROMOTION 0.85
PROGRAMMING 0.82
PRODUCT 0.79
PEOPLE 0.44
PLACE 0.35
PROSPERITY 0.29
@ResonanceCo @crfair
FOREIGN DIRECT INVESTMENTCorrelation Coefficient
Google Trends 0.91Sports Teams 0.87Facebook Check-in 0.87Culinary 0.84Google Search Results 0.83Museums 0.81Fortune 500 0.81Neighbourhoods & Landmarks 0.78Culture 0.77Nightlife 0.77Shopping 0.75
@ResonanceCo
While livability shapes identity, it has a low correlation with visitor arrivals and foreign investment.
The relative “vibrancy” of the city is determining where tourism and investment flows.
PLACE & PROSPERITY
@ResonanceCo @crfair
0.83
0.82
0.78
0.64
0.56
GDP
International Visitors
FDI
# VC Deals
VC Investment
IS PLACEMAKING A CATALYST FOR ECONOMIC DEVELOPMENT?
Correlation with Neighbourhoods & Landmarks
@ResonanceCo
THANK YOU
Resonance Consultancy Vancouver | New York
www.resonanceco.com @resonanceco
Chris Fair, President [email protected] @crfair
