Aspen Retailers: More Than $1 Billion Sold in 2024
Year-to-date sales of more than $1 billion through September marked the first time Aspen’s retail economy topped the 10-figure milestone, based on a monthly tax report the city issued last week and financial data from previous years.
For those keeping score down to the dollar, $1,008,435,564 was the collective amount generated by the Aspen business sectors that collected sales taxes — from mom-and-pop boutiques to five-star hotels— from January through September.
The record amount for year-to-date September was 7% higher than the $942,464,351 in taxable sales recorded through the first nine months of 2023, according to the report. Last year through September was on par with the $939,343,979 produced through the first nine months of 2022, when COVID-19 pandemic-related restrictions were loosened or lifted entirely.
The figures are not adjusted for inflation.
Other years posted the following January-through-September sales figures:
• 2021 — $756,841,909
• 2020 — $584,415,883
• 2019 — $628,566,661
• 2018 — $587,601,669
• 2017 — $560,847,188
• 2016 — $545,952,501
• 2015 — $509,319,562
This year’s sales through September translated to $24.07 million in tax revenue for the city and a 7% bump over $22.47 million in city collections through the same period last year.
September alone posted a respectable showing in its own right — the month’s $105.93 million in overall sales for retailers bettered $97.12 million in sales in September 2023 by 9%, the report shows.
Here’s how each sector performed in this year’s ninth month.
• Accommodations — $22.32 million, up 25% over September 2023
• Restaurants/bars — $16.76 million, up 9%
• Sports equipment/clothing — $3.66 million, up 9%
• Fashion clothing — $13.27 million, up 11%
• Construction — $9.74 million, down 5%
• Food and drug — $6.51 million, even
• Liquor — $794,262, down 10%
• Miscellaneous — $14.33 million, up 26%
• Jewelry/gallery — $9.2 million , up 19%
• Utilities — $3.05 million, down 10%
• Automobile — $3.26 million up 13%
• Marijuana — $508,625, down 21%
• Bank/finance — $483,760, down 12%
• Health/beauty — $2.05 million, up 418%
Other economic trends
Last week’s monthly tax consumption report showed real estate transactions within city limits amounting to more deals at lower prices.
Sales totaled $1.38 billion on 551 transactions from January through October, a 4% dollar-volume drop from $1.44 billion in sales on 509 closings through the first 10 months of 2023.
Those figures are based on free-market property transactions that trigger a 1.5% real estate transfer tax, or RETT, paid to the city at the point of sale.
The city realized $20.41 million in RETT collections through September, pacing ahead of the $19.4 million budgeted for that period, according to the report. Two-thirds of RETT collections go to the city’s housing coffers and the remaining one-third helps fund city arts programs and the Wheeler Opera House.
Hospitality in Aspen generated $285.92 million in overall sales year-to-date through September, a 6% uptick over $270.94 million in sales during the first nine months of 2023.
Short-term rentals of fewer than 30 days, however, slipped 2%, from $75.75 million in 2023 to $74.89 million through the third quarter of this year. The city collected $5.56 million in STR tax revenue through September.
By: I Aspen Daily News I November 24, 2024