Daily spending from Hawaii visitors spiked by 11.5 percent in February, according to a report from the Hawaii Tourism Authority. This brought up total visitor spending by 8 percent, which is a respectable gain, compared to the same month last year. Interestingly enough, these increases came despite a only a 2 percent gain in arrivals.
Maui’s visitor industry officials have always supported the strategy of attracting fewer but higher paying guests to the island for a more exclusive experience. That’s why median hotel room rates are highest on Maui, a fact that many investors have taken advantage of when buying Maui real estate for short-term rental use at least part of the year. The competitive vacation rental rates help visitors select from a conveniently wide range of choices for their budgets.
Maui’s contribution to February’s state average gains included an increase of 9.3 percent in daily spending to $234 for an overall spending increase to 8.3 percent. Arrivals were flat, with an increase in the number of visitors from the U.S. East, but a decline from Canada and Europe. The average daily census still counted 61,385 visitors.
For the state as a whole, total spending in both January and February was $2.9 billion. Compare that to the $2.7 billion during the same period last year and we’re looking at a 9 percent increase in spending so far this year. As past reports have also highlighted, the majority of the steady growth has been coming from both the U.S. West and East, which speaks volumes about the condition of the economy.
Although the performance of international markets has been touch-and-go with the strengthening value of the dollar, Japanese visitors posted arrival gains in February, increasing by 5.8 percent compared to the same month last year. If we look at the exchange rate in terms of real estate, reports from the Realtors Association of Maui reveal that Canadian home and condo owners may be selling more than buying as the dollar increases in value.
This is just one of the many threads that connect the Maui real estate market with the visitor industry. On that note, if you’re looking for assistance as you navigate through the nuances of our market, you’ll find our contact information at the bottom of the page. We would be happy to help you through every step of the real estate purchase process. Mahalo!