At Huddle, we are all about having a positive impact and delivering sustainable, revitalizing events. So we were excited to read a new report by Oxford Economics that underscores the value of the live events and entertainment industry. to the global economy prior to the pandemic, arguing strongly that they will be essential drivers of growth into the future.
How much are events worth to the economy?
According to their analysis concerts and live events in the USA in 2019 injected $132.6 billion into the economy and supported 913,000 jobs. They also contribute $17.5 billion in state, local and federal taxes, not to mention $42.2 billion in wages.
What do events mean for the local community?
Importantly, Oxford also calculated that for each $100 an out-of-town attendee spends on a ticket, the local economy would benefit from an additional $334.92 in associated spending, bringing the total value to the community up to $434.92. This bears out our own experience that thoughtfully and responsibly produced events can have a fantastic impact on empowering local communities.
How much money are we really talking about?
The report finds $8 billion on lodging makes up the largest chunk of the $32.6 billion out-of-town overnight & day trip live event attendees spent in 2019. This is followed by $6.7 billion on transportation, $5.5 billion on recreation, $5.2 billion on food and beverage, $4.2 billion on general retail and $3.1 billion on local transportation.
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