Report: Tourism economy generated $1.4B for Guam in 2024
- Admin
- Sep 16
- 2 min read
By Pacific Island Times News Staff
Guam’s tourism economy generated $1.4 billion “in direct, indirect and induced impacts” for the island in 2024, according to the Tourism Economic Impact Report, which the Guam Visitors Bureau released today.
Visitor spending was recorded at over $1.1 billion in 2024, posting a 6.7 percent increase from 2023. However, it was still nearly 40 percent below the 2019 peak of $1.8 billion, according to the report prepared by Tourism Economics, an Oxford Economics company.
The report noted that the $1.1 billion in direct spending on tourism-related industries also generated additional supply chain sales of $100 million and household income of $200 million.
“Of the $1.1 billion in direct spending, lodging accounted for the largest share, $444 million, or 41 percent. Retail spending amounted to $275 million, 25 percent of the total,” the report said.
It noted that visitor spending growth was driven by substantial changes in retail and recreation expenditures, which increased by 18.9 percent and 9 percent, respectively.
“In the last three years, visitors have shifted toward these two categories, with a +8 ppt shift in the combined share, while they spent smaller shares on food, lodging and local transportation,” the report said.
GVB recorded 739,000 visitor arrivals in 2024, an increase of 12.5 percent over the prior year. While visitor volume continues to recover, the current number represents only 44 percent of the pre-Covid 2019 level.
More than 86.3 percent of visitors came from Korea and Japan in 2019 and the combined share of 78.9 percent was more than 7 percentage points lower in 2024. Visitor volume from Japan is far from recovered. Japan’s share of visitor volume in 2024 was significantly lower than its 2019 share, and that lower share is of a much lower total volume as well.
“The study's key findings underscore tourism's vital role as a primary economic driver for Guam,” GVB said. “In 2024, the industry demonstrated significant revenue generation, employment opportunities, and overall economic growth for the island.”
The study noted that tourism generated a total of $151.3 million in tax revenues, contributed a total of $936 million to Guam’s gross domestic product, and supported 14,400 jobs.
“These findings reaffirm what we have always known: that a strong tourism industry lifts all boats,” said Regine Biscoe Lee, GVB president and CEO.
GVB said the report contains comprehensive data that will serve as a crucial resource for policymakers, tourism stakeholders and businesses in developing future strategies to enhance Guam's competitiveness as a premier tourist destination.
“The findings emphasize the need for continued investment in tourism infrastructure, marketing initiatives, and workforce development to ensure the long-term prosperity of the industry and the island,” the bureau said.
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