Providence Business: PWCVB latest report shows $10M direct spend spike

PROVIDENCE, R.I. (WLNE) — The Providence Warwick Convention & Visitors Bureau (PWCVB) shared its latest report which unveiled a direct spend of more than $23 million from March and April events alone booked by the PWCVB and the RI Sports Commission.

These findings demonstrate a continued growth in business events and sports-related travel, which leaves a greater impact on the local economy.

Comparatively, the direct spend of events over the same months in 2023 was $17 million, and in 2022, $13 million.

Senior Vice President of the PWCVB Tom Riel shared his insights:

“Tourism dollars are not generated solely by busy leisure travel weekends or high-profile collegiate tournaments in the city –  on any given weekday, there is more than likely a conference in town that could bring in millions for our economy. They are the bread and butter of our business, and the latest March and April numbers give just a snapshot of the financial impact of these bookings. Our meeting spaces – everything from the Rhode Island Convention Center and Crowne Plaza to the hotel ballrooms and conference rooms – are economic engines.”

According to the CVB, the 72% increase in direct spend between March and April 2022 and 2024 is correlated to a higher total number of meetings booked.

Data reveals that 33 events occurred in those months, compared to 38 bookings in 2023 and 48 in 2024.

There has also been a notable jump in the number of event attendees, nearly doubling from 2022 to 2024.

Data from a recent report conducted by the PWCVB reveals an overall jump in economic growth for business events and sports-related travel (The Providence Warwick Convention & Visitors Bureau)

“The business travel market is changing, so our business model has changed, too. The increase we’re seeing is a positive indicator that we are evolving in the right direction to serve the needs of our clients. If we can do that, we can continue to be a high-demand destination for these lucrative meetings,” Riel shared.

CVB also expressed in their report that the tourism and hospitality industries are strong economic drivers in Providence and Warwick, generating $85.7 million in sporting event sales, meetings, and conventions.