WHY SHOULD YOU CONDUCT AN ECONOMIC IMPACT STUDY FOR YOUR FESTIVAL OR EVENT? Nothing brings a community together like a strong festival or event. Surprisingly, very few festivals and events gather data and measure its impact and value on the community. Here are six important reasons for conducting an economic impact study. 1. It shows a return on investment. 2. It shows effective use and management of public resources. 3. It is an effective method for attracting new sponsors. 4. It engages existing partners and businesses, and shows them the overall benefit of getting involved. 5. It gains knowledge of your event customers for event improvements and future marketing. 6. It provides benchmarking for tracking event’s year-to-year success and growth. Here are a few snapshots of recent festival economic impact studies that the Chandlerthinks team has performed: READY TO GET STARTED? LET’S TALK. Franklin Main Street Festival 48% Visitors outside Franklin $2,839,875 Economic Impact on Area Purchases $1.2M Shopping +$800K Food Hotel spending $194.10 Generated more in than taxes Average party size 3.4 First time attendees Made purchases on Main Street Ate or planned to eat in downtown Franklin Demographics: Income: 41% +$100k | Age: 43% 35-54 | 30% 55+ | 67% married Intended to purchase from arts and crafts vendors Per person average spend $250K +$300K 69% 85% 36% 64% All reported numbers are from the Franklin Main Street Festival Economic Impact Study commissioned by the Franklin-Williamson County Heritage Foundation and administered by Chandlerthinks. “The economic impact study gave us just the credibility we needed to boost our sponsorship sales and help educate the public about all we are doing.” – Mary Pearce, Executive Director, Franklin & Williamson County Heritage Foundation. 2015 Sugar Land Wine & Food Affair $586,531 Estimated Overall Economic Impact All reported numbers are from the 2015 Sugar Land Wine & Food Affair Economic Impact Study administered by Chandlerthinks. 45% Plan to purchase from stores in Sugar Land 10,390 $129,037 Shopping $146,633 Food Hotel 98% 51% Repeat visitors Overall average group size Demographics: Income: 90% $50k+ | Age: 47% 25-44 | 64% Female | 65% Married Transportation Likely to return next year $82,114 54% 3.5 $193,555 Entertainment 83% Plan to shop in stores in Sugar Land $35,192 Estimated attendance Plan to eat at restaurants in Sugar Land How festival attendees are spending their money: 2014 St. Charles Christmas Traditions Festival $4,100,560 Estimated Overall Economic Impact All reported numbers are from the 2014 St. Charles Christmas Traditions Festival Economic Impact Study administered by Chandlerthinks. 86% Plan to purchase from stores in St. Charles 100,000 $1,910,861 Shopping $1,201,464 Food Hotel 96% 85% Repeat visitors Overall average group size Demographics: Income: 76% $50k+ | Age: 41% 25-44 | 67% Female | 76% Married Transportation Likely to return next year $348,548 67% 4.4 $164,022 Entertainment 84% Plan to shop in stores in St. Charles $475,665 Estimated attendance Plan to eat at restaurants in St. Charles How festival attendees are spending their money: Steve Chandler • 615.498.8313 • [email protected] Greg Fuson • 615.714.9797 • [email protected]
WHY SHOULD YOU CONDUCT AN ECONOMIC IMPACT STUDY … · WHY SHOULD YOU CONDUCT AN ECONOMIC IMPACT STUDY FOR YOUR FESTIVAL OR EVENT? ... Steve Chandler • 615.498.8313 • [email protected]
Jul 24, 2018
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WHY SHOULD YOU CONDUCT AN ECONOMIC IMPACT STUDY FOR YOUR FESTIVAL OR EVENT?
Nothing brings a community together like a strong festival or event. Surprisingly, very few festivals and events gather data and measure its impact and value on the community.
Here are six important reasons for conducting an economic impact study.
1. It shows a return on investment.
2. It shows effective use and management of public resources.
3. It is an effective method for attracting new sponsors.
4. It engages existing partners and businesses, and shows them the overall benefit of getting involved.
5. It gains knowledge of your event customers for event improvements and future marketing.
6. It provides benchmarking for tracking event’s year-to-year success and growth.
Here are a few snapshots of recent festival economic impact studies that the Chandlerthinks team has performed:
READY TO GET STARTED?
LET’S TALK.
Franklin Main Street Festival
48% Visitors outside Franklin
$2,839,875 Economic Impact on Area Purchases
$1.2M Shopping
+$800K FoodHotel spending
$194.10
Generated more inthan taxes
Average party size 3.4
First time attendees
Made purchases on Main Street
Ate or planned to eat in downtown Franklin
Demographics: Income: 41% +$100k | Age: 43% 35-54 | 30% 55+ | 67% married
Intended to purchase from arts and crafts vendors
Per person average spend
$250K
+$300K
69%85%36%64%
All reported numbers are from the Franklin Main Street Festival Economic Impact Study commissioned by the Franklin-Williamson County Heritage Foundation and administered by Chandlerthinks.
“The economic impact study gave us just the credibility we needed to boost our sponsorship sales and help educate the public about all we are doing.”
– Mary Pearce, Executive Director, Franklin & Williamson County Heritage Foundation.
2015 Sugar Land Wine & Food Affair
$586,531 Estimated Overall Economic Impact
All reported numbers are from the 2015 Sugar Land Wine & Food Affair Economic Impact Study administered by Chandlerthinks.
45%
Plan to purchase from stores in Sugar Land
10,390
$129,037 Shopping
$146,633 FoodHotel
98%
51%
Repeat visitors
Overall average group size
Demographics: Income: 90% $50k+ | Age: 47% 25-44 | 64% Female | 65% Married
Transportation
Likely to return next year
$82,114
54%3.5
$193,555 Entertainment
83%Plan to shop in stores in Sugar Land
$35,192
Estimated attendance
Plan to eat at restaurants in Sugar Land
How festival attendees are spending their money:
2014 St. Charles Christmas Traditions Festival
$4,100,560 Estimated Overall Economic Impact
All reported numbers are from the 2014 St. Charles Christmas Traditions Festival Economic Impact Study administered by Chandlerthinks.
86%
Plan to purchase from stores in St. Charles
100,000
$1,910,861 Shopping
$1,201,464 FoodHotel
96%
85%
Repeat visitors
Overall average group size
Demographics: Income: 76% $50k+ | Age: 41% 25-44 | 67% Female | 76% Married
Transportation
Likely to return next year
$348,548
67%4.4
$164,022 Entertainment
84%Plan to shop in stores in St. Charles
$475,665
Estimated attendance
Plan to eat at restaurants in St. Charles
How festival attendees are spending their money:
Steve Chandler • 615.498.8313 • [email protected] Greg Fuson • 615.714.9797 • [email protected]
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