In this post: festivals and events positively impact local economies, the economic impact of the tourism industry, safe return of events, direct and indirect spending is down resulting in losses across multiple industries.
Across the country, festivals and events previously provided communities a boost to the local economy. The tourism industry has regularly measured its financial significance, labeling it “economic impact.” COVID-19 has struck down in-person events of all shapes, sizes and kinds from state fairs to sporting events to musical festivals to conventions. All promise to be back soon as soon as they can do so safely.
With each cancellation or reimagined event comes a trail of losses in direct and indirect spending to not only the local tourism industry but to the greater community as well. Gone are the guest room nights from out-of-town visitors, the need for more restaurant waitstaff to serve meals, and the resulting lost sales tax revenue, not to mention the loss in income for tent rental companies, Uber drivers, local musicians and on and on.
To provide an idea of the economic impact festivals and events have, SXSW in Austin, Texas, is reported to bring in an estimated $355.9 million dollars annually, according to the Austin Business Journal. Cancelled events put a drag on the local economy proportionate to each city’s or town’s line-up of events. Across the U.S., those numbers tally in the billions.
To learn more about event and festival management, check out “Secrets to Successful Events: How to Organize, Promote and Manage Exceptional Events and Festivals.” For those with event planning experience, consider, “Secrets to Successful Events Resource Guide: 42+ Easy-to-Use Tools and Resources.” Both are written by internationally known author and speaker Lynn Fuhler and are available on Amazon and at major booksellers.
To obtain a copy of The Event Safety Alliance Reopening Guide, click here.