Sales soar in September for Aspen retailers and lodges
As a shortage of housing for employees and a shortage of employees for employers have plagued Aspen since the pandemic, the performance of the retail economy tells a tale of ringing cash registers and rising incomes.
September sales of $ 106.4 million produced by Aspen retailers topped same-month 2019 sales figures by 66.7% and 18.3% in September 2020, according to the Monthly Report on the Aspen City Finance Department sales tax consumption released Monday. The report covered both September and the first nine months of 2021, which saw revenue of $ 756.8 million, marking a 20% increase from the first three quarters of 2019 and an improvement of 29 , 5% compared to the same period last year.
“In keeping with general sentiment in the business community, this month’s report puts an end to robust economic activity for the summer period,” the city’s senior tax auditor Anthony Lewin wrote in his remarks. introductions to the report. “It also helps cushion any possible downside risk that remains present due to the persistence of the pandemic and its impact on a return to ‘normal’ business operations.”
September has been an eventful month in Aspen, including the Food & Wine Classic postponed from its normal June weekend, in addition to Aspen Ruggerfest, Aspen Filmfest and Aspen Autumn Words. Snowmass Village has also hosted the Jazz Aspen Snowmass Labor Day Experience, the Snowmass Balloon Festival and the Snowmass Wine Festival.
The stormy calendar bodes well for the accommodation industry in September, a month where revenues of $ 27.1 million exceeded September 2019 by 75.9% and September 2020 by 65.6%, according to the report. The first three quarters of the year amounted to $ 183.5 million in taxable sales recorded by accommodation, down 2.6% from the same period in 2019, but exceeding 28.1% the first nine months of 2020, according to the report.
Last September was also September 1 in which the city tracked short-term rental progress through new monitoring software it implemented in late October 2020, when the city also introduced an amendment to the code. requiring business licenses and vacation rental permits for owners who rent out their homes or condos on a short-term basis. The city defines short term rentals as 30 days or less.
Thus, short-term rentals accounted for $ 9.7 million in taxable income generated in September’s accommodation income, or more than a third of the industry’s sales this month.
“The recovery of this industry in its financial position reflects both better application of vacation rentals as well as a higher average daily rate and an increase in bookings,” Lewin wrote. In addition, specific to the month of September, there has been a huge increase in the number of taxable accommodation this year (up 76% from pre-2019 pandemic levels) and it is believed to be mainly due to the Food and Wine Classic schedule change. “
Here’s a breakdown by industry of September sales in Aspen:
• Accommodation – $ 27.1 million, up 75.9% from September 2019 and 65.6% from September 2020
• Restaurants / bars – $ 17.1 million, up 61.7% from 2019 and 24.7% from 2020
• Sports equipment / clothing – $ 3.8 million, 57.6% from 2019 and 2.1% from 2020
• Fashion clothing – $ 13.3 million, 154.1% in 2019 and 87.1% in 2020
• Construction – $ 11.1 million, 47.8% compared to 2019 and 18.8% better than in 2020
• Food / drugs – $ 6 million, 29.3% ahead of 2019 and 10.2% better than in 2020
• Alcohol – $ 1.1 million, 46.4% from 2019 and 18.5% less than in 2020
• Jewelry / gallery – $ 6.5 million, 119.1% in 2019 and 52.5% in 2020
• Utilities – $ 3.4 million, 12% before 2019 and 11% before 2020
• Automotive – $ 5.2 million, 295.7% before 2019 and 54.2% before 2020
• Marijuana – $ 859,099, 6.6% behind 2019 and 26.1% behind 2020
• Banking / finance – $ 605,328 (first year follow-up)
• Health / beauty – $ 916,836 (first year follow-up)
Total – $ 106.4 million, up 66.7% from 2019 and 18.3% from 2020