Economic Impact Assessments
What is the economic volume and value of tourism to your area/ business?
The main economic impact of tourism arises from visitor spending in businesses across the districts/counties and region.
A County or District’s tourism volume and value can be established through the Cambridge Tourism Economic Impact Model. This recently enhanced model focuses upon the estimates of the overall volume of visitors coming into an area in one particular year, expenditure in the local economy and the number of jobs that are dependent upon tourism.
The model also provides a breakdown of spend within the key industry sectors i.e. accommodation; entertainment; food and drink; retail and transport.
The model is an excellent tool for helping you to justify your budget as well as showing the public the worth of tourism to the area.
Do you want to know the economic impact of a tourism development / event on your local economy?
The Research Solution can undertake a comprehensive study to quantify the impact that events and festivals have on an individual area.
PRIME, or Project Impact Evaluation, tells you the likely economic impact of a tourism project i.e. an event / festival, on your area and the surrounding region. PRIME is the standard, nationally recognised and accepted approach to appraising past and anticipated economic impacts.
Whether it is a one off event, a new attraction or a marketing campaign, PRIME is able to estimate the number of jobs and income generated by the project. This service provides an excellent tool for assisting with funding bids and to support planning applications, as well as a great source of PR for projects.
Major event impact studies already completed include:
‘The Value of V’ – an economic impact assessment of the 2005 and 2006 V Festivals
‘Driving Regional Prosperity’- an evaluation of the 2004 British International Motor Show Live
‘Tourism beyond the Boundary’ – an evaluation of the Trent Bridge Test Match between England and South Africa in 2003