Economic benefits of Regional events
During this months interview on 2BS we discussed broadly the economic benefits regional events have in our local community.
In the first weekend of May 2021 Bathurst hosted a number of significant events including the Penrith Panthers and Manly Sea Eagles National Rugby League (NRL) match, Heritage Week, the Readers and Writers Festival and the 152nd Royal Bathurst Show. The return of these events to Bathurst following COVID-19 restrictions will be a boost for the local economy.
Events in regional centres like Bathurst are really important for our economy by:
Getting locals into town to spend money
This gives our tourism economy and retail businesses a needed boost and creates jobs.
Using the WRI Tourism Model WRI can estimate the economic activity that events in Bathurst are estimated to have stimulated. In particular, WRI looked at the Royal Bathurst Show.
With estimates of ticket sales, average ticket prices and average spend per person we can estimate, very broadly, that around $4 million in economic activity was kickstarted in the Bathurst economy and this activity supported an estimated 20 full time equivalent jobs.
The event module of the WRI Tourism Model only estimates an event itself. A full economic assessment can be done to define the direct and indirect impacts on the gross regional product and jobs plus household impacts of events and changes to industry.
WRI can produce simple event impact estimates using our Tourism Model with as little information as the number of visitors or ticket sales, ticket prices and the duration of the event. Using this we can produce an estimate that can indicate the economic activity an event can create in a local regional economy. This information can be useful when applying for government funding for regional events and conferences.
Our research team can talk you through what information is needed to estimate the impact of your event or conference.