Your guide to measuring the expenditure-driven impact of your events or programs
Cultural, community and sporting events can deliver significant economic benefits to the cities and towns that host them. They support increased visitation expenditure that stimulates local economies and can enhance the character and vibrancy of an area, increasing its attractiveness as a place to live, work and visit.
An Economic Impact Assessment is an essential tool used to evaluate the economic effects of events or programs.
It measures the impact of the initiative for the local economy, including visitor expenditure, job creation, income generation, and other indirect effects.
Many funders ask event organisers to procure an independent economic impact assessment of their event. This typically involves compiling and analysing event behaviour and expenditure information from attendees and event delivery partners.
While Economic Impact Assessment is a complex process, there are several key success factors that will help to achieve a streamlined and rigorous approach and output. These include:
- Having a clear scope and purpose
- Collecting relevant and reliable data
- Using consistent and transparent methodologies
- Effectively communicating findings
This document covers important considerations when carrying out or procuring an economic impact assessment. To help clarify and simplify the process for event organisers, it includes an outline of the five main steps involved in assessing impact. Explanations of common terminologies used are provided to increase transparency and understanding.