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Economic impact

Research period: 2015-2016

PWO project

 

Event organisers and local governments have everything to gain from focusing their limited resources on those events with the largest local impact.

 

What is the local economic impact of an event? And how do you calculate the monetary costs and benefits for the city or municipality in which the event is organised?

 

Monetary cycle of events

 

The monetary cycle is the basis of the economic ROI model. It distinguishes three groups, each of which generates a monetary flow at the event: the event visitors, the local companies and the residents of the municipality. Details of this cycle can be found in the research summary.

visual monetary cycle ENG.jpg

Calculator

 

We translated the economic ROI model into the tool Calculator. This tool allows local authorities and other event professionals to calculate the monetary costs and benefits of the event, both beforehand (prediction) and afterwards (evaluation).

 

The tool takes into account the revenues of an event for the municipality. These are the expenses of the visitors, and if applicable also of the participants of the event, but also of the organiser(s) and local traders.

 

The tool also calculates the costs: what does the event cost the municipality in terms of production? How much does it cost to deploy security services (police and fire brigade) and communal services (communication, logistics, cleaning)?