Everyone's talking about the impact of the Super Bowl, but it's not the highest impact event for local businesses this month according to a new tool that identifies the economic spend potential of events.
SAN FRANCISCO, Feb. 2, 2023 /PRNewswire/ -- The economic impact of the Super Bowl is much discussed, but a new tool released today identifying the economic spend of events has revealed the biggest NFL game of the year is only the fifth highest impact for local businesses in February. The new tool, Predicted Event Spend by PredictHQ, has identified Super Bowl weekend will generate $123.7 million for local businesses, but four events will generate more spending.
Most economic impact calculations focus on a wide range of factors including taxes, wages and, in the case of sports games, ad revenue and more. But this doesn't help local coffee or burger stores know how many extra staff and inventory they will need, or help local transport providers and hotel groups know how to price and plan accordingly. Demand intelligence company PredictHQ's newly launched Predicted Event Spend is designed to meet this need.
The Predicted Event Spend tool uses unique algorithms to identify the amount of additional business an event will drive for accommodation, transport and restaurants nearby. PredictHQ CEO Campbell Brown explains the tool was requested by their customers such as leading quick-service restaurants, ride-share companies and hotel groups.
"Whether you're a major global coffee chain or a family-run pizza joint, you not only need to know about upcoming events but also context on their potential impact to make sure you're ready to make the most of it - keeping lines short and experience great for customers,"Mr Brown says. "Very few events get the lead up to the Super Bowl does, but it's only the fifth most lucrative for local businesses near each event in the US this month."
- New York Fashion week, which will generate $331,150,000. This includes $233.6 million for accommodation; $18.9 million for transport and $79.5 for restaurants.
- New Orleans Mardi Gras, which will generate $155,430,800. This includes $69.6 million for accommodation; $24.7 million for transport and $60.9 million for restaurants.
- Fort Worth Stock Show & Rodeo, which will generate $142,137,000. This includes $52 million for accommodation; $21.8 million for transport and $68.1 million for restaurants.
- San Antonio Stock Show & Rodeo, which will generate $134,065,000. This includes $52.4 million for accommodation; $20.9 million for transport and $61.6 million for restaurants.
- The Super Bowl weekend (all Super Bowl events in Phoenix from February 9 - 12), which will generate $123,780,000. This includes $78.5 million for accommodation; $12.8 million for transport and $34.8 million for restaurants.
Predicted Event Spend draws on PredictHQ's vast amount of enriched and verified event data as well as flight data to identify how many people will be flying into a city for an event.
"As businesses and cities shift towards more data-driven approaches to forecasting and planning, having a simple-to-understand economic spend prediction for events is key. We work with both companies and destination management groups that assist cities to pinpoint event impact e.g. what events to invest in or attract, where and on what date. We know it's essential companies update their plans to reflect the real-world demand drivers around them," Mr Brown says.
While the largest events aren't always the most profitable (events that require multiple nights of accommodation and eating away from home tend to be), predicted attendance is another good starting point for understanding event impact. There are more than 3,520 events with 5,000+ attendees in February 2023.
PredictHQ, the demand intelligence company, empowers global organizations to anticipate changes in demand for their products and services. PredictHQ's demand intelligence API aggregates events from hundreds of sources and verifies, enriches, and ranks them by predicted impact so companies can proactively discover catalysts that will impact demand. With PredictHQ, businesses gain a leg up on the competition and remain confident in their ability to meet customers' ever-changing needs. For more information, visit https://www.predicthq.com.
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