Economic Impact Analysis Research

In a world of political uncertainty, having reliable data on the financial return you bring to the community is crucial. Destination Analysts’ staff economists can conduct Economic Impact studies of an entire industry, as well as micro-level entities, such as events, venues, sports and attractions.

Economic Research

When a particular entity offers financial vitality to a community, it is critical for marketing organizations to understand the economic impact of their efforts in supporting and promoting that industry, event, venue, sports franchise or attraction. Not only does this understanding help with short-term allocation of budgets and resources, it is invaluable to long-term strategic planning for how and where to invest resources.

Destination Analysts’ research staff has extensive experience in conducting both primary and secondary research that provides reliable, defensible economic data. The Economic Impact Studies we specialize in are briefly summarized below.

Economic Impact Analysis of an Industry

Some of the most crucial information an Industry Economic Impact Analysis will yield are: Estimates of the annual gross economic impact of the industry to the city, county or other regional entity; estimates of total tax revenues generated by the industry; total number of jobs supported by the industry; and gross spending and jobs supported in key related industry segments. Destination Analysts uses the most cost-effective and appropriate research methodologies to develop the input data for its economic impact model.

Economic Impact Analysis of Sports, Festival or other Event

The primary research objective for the typical Economic Impact Analysis of a special event is to gather estimates of attendance and per-person and per-day spending by attendees. Detailed spending data is collected, including: lodging, tickets, retail purchases, food and beverage, transportation, etc. Destination Analysts’ research employs methodologies that also look into the event’s role in guest motivation in order to develop conservative, defensible estimates. In addition to information for economic impact modeling, our study examines average number of visitor days, arrival methods, etc. for non-resident attendees. It also gathers information to develop a profile of attraction attendees and satisfaction metrics.

Economic Impact Analysis of an Attraction or Venue

The primary research objective for the typical Economic Impact Analysis of an attraction or venue, such as a sports stadium or concert hall, is to gather estimates of per-person, per-day spending by guests. Detailed spending data is gathered, including: lodging, tickets, retail purchases, food and beverage, transportation, etc. Destination Analysts’ research employs methodologies that also look into the attraction or venue’s role in guest motivation, in order to develop conservative, defensible estimates. In addition to other information for economic impact modeling, our study examines average number of visitor days, arrival methods, etc. for non-resident guests. It also gathers information to develop a profile of attraction attendees and satisfaction metrics.