How much is your event worth to the community?
Aoraki Development has an events calculator that gives us the ability provide a report on the estimated economic impact of events in the Timaru District.
The events calculator can help organisers with their planning of events, so they can check the viability and potential economic impact for the community. It also provides valuable information as it gives us a clearer picture of the value of events to our region and where the spending happens.
To estimate the economic impact of an event in Timaru District, we need information about the number of attendees, their average expenditure and how that expenditure is spread across broad categories of consumption. Multiplier analysis, a commonly used approach for measuring the economic impacts of an event at a local level, is then used to estimate the economic impact of the event in Timaru District.
For instance, information is added to the calculator, such as how many days is the event, how many people attended, if they’re from outside the region, within the region or international visitors. Then it looks at estimated daily spend of these visitors and can be spilt into categories including accommodation/bars/restaurants, food purchases from stores (for instance if they are self-catering), general retail spending (which could be souvenirs or gifts), transport, fuel (if using their own transport). Then the calculations regarding the economic are made based on this information.
The events calculator is part of the service we receive from economic analysts Infometrics. It is a free service offered by Aoraki Development. Book an appointment.
Information needed to get started with the calculator:
- Number of days of the event
- Number of International visitors
- Numbers of national visitors, visitors from the wider region, local attendees
- Average length of stay
- Average spend per person per day
Approximate percentage of spending on:
- Accommodation, restaurants and bars
- Food purchases from stores (supermarkets and dairies)
- Retail purchases (such as souvenirs and gifts)
- Transport - public or private