Tourism Economic Impact Studies
InfoSearch conducts economic impact studies for the visitor industry to assess the incremental economic impact of hosting special events, festivals, and conventions in the area.
The economic impact is based on a detailed economic model based on understanding the costs, revenues, and impact associated with the event. Information is based on expense reports, personal interviews, attendance/participant data, media value, and so forth.
- Estimates the number and type of attendees.
- Estimates the incremental room nights contributed by the event.
- Estimates out-of-market (e.g., marketing) and in-market expenses.
- Estimates the economic impact of an event.
- Estimates the media value of an event, including number of hours and type of media coverage.
- Enables cities and event planners to know the economic impact of hosting special events.
- Enables event sponsors to know if their marketing efforts are reaching the right audience and having the impact they want.
- Provides data to calculate the “Return On Investment” (ROI) for the event.
- Creates a broader picture of economic impact that includes impact on local lodging and restaurants, media value, and perceptions of community identity.
Questions Asked. Answers Found.