Consumer Spending and IMPLAN
Hi - I am working on a project that includes annual visitorship of approximately 1.4 million persons per year to a very large indoor sports facility. I have inputted projected output (revenues of the facility in terms of membership fees, league fees, concessions, etc.), employment and labor income and calculated the economic impacts of the facility itself. However, what it does not show is the impact of visitor's spending while in the area. The project will be a major tourism draw to the local economy and I'm looking at ways to quantify the impact on consumer spending of these 1.4 million persons - on things like gas, lodging, restaurants, etc. Is there a way to do this in IMPLAN? Thank you!
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Hi Nicole, Thank you for your post. While IMPLAN is able to provide you with the economic impact of consumer spending, you will need to provide IMPLAN with the Industry’s that the consumers are impacting. Once the information (Industry Sales or employment) is obtained for consumer spending, this information can then be calculated by IMPLAN to show the economic effects of consumer spending to the local area. One way to get this data is to do a survey, or find an earlier survey done on a previous venue. If you are not able to do a survey, one source to find out this type of information (besides searching google for a similar venue) would be to talk to a local/regional tourist board that might be able to assist. You will also want to be sure that you segregates the visitors on the basis of local/non-local and only count those drawn to the area exclusively by the sporting venue. If visitors would come anyway, or if they are local’s the spending can’t be attributed solely to the sporting event, and thus shouldn’t be considered as ‘caused’ by the event. Also just to be mindful of not double counting, since you used concessions in the annual visitorship of the sports facility to not use concessions a part of the consumer spending. Thanks!
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