WRE News: Miami’s Tourism Industry Impacted by Inflation & High Prices

Miami, FL – August 29, 2023 – As Miami faces a surge in consumer prices, its once-thriving tourism industry is grappling with challenges. While the total number of tourists in Miami-Dade County saw a slight increase, the number of visitors from the United States dropped by 6%. With a 9% rise in consumer prices over the past year—twice the national average—many tourists are feeling the pinch in their wallets, making Miami less attractive to visitors. Miami’s tourism marketing leaders are noticing a decline in business, especially in hotels.This decrease is attributed to a phenomenon known as “Florida fatigue,” where some U.S. travelers are opting for other destinations due to their repeated visits to Florida in recent years. Despite the challenges, the resurgence of the cruise industry, increased airline traffic at Miami International Airport, and the presence of professional sports teams continue to contribute to Miami’s appeal. However, the hope for a full recovery is tempered by the continued high prices and the impact of political factors.