Calculator will help destinations and event organizers better understand economic impact of tourism-related events
SANTA FE, NM - The New Mexico Tourism Department (NMTD) has released an economic impact calculator in an effort to help destinations and event planners better understand the economic impact of tourism-related events on the local economy.
The calculator uses ticket sales, number of attendees, length of event, estimated spending on food and lodging, and other variables to generate an economic impact estimate.
Availability of this calculator will empower communities and event planners to deploy best practices on data collection and analysis. Enhancing the data integrity for tourism-related events will help communities and event planners make decisions informed by data.
“Not only do our state’s tourism-related events serve as economic drivers for our communities, but many of these events hold cultural and historical significance we cannot afford to lose. This tool will help communities make their tourism-related events more viable and sustainable for the post-pandemic era of tourism.”
Tourism-related events help convert prospective travelers and hold cultural significance for communities throughout New Mexico. Dozens of events are at risk of never returning without support. The $45 million tourism recovery packaged included in House Bill 267 would appropriate $8 million to create a tourism event revitalization program, which will allow NMTD to help address this problem by working with tourism-related events to improve the efficacy and sustainability of boosting out-of-state visitation through those events.
“When you have a great tourism-driven event and you bring those outside dollars into your community, that is how you grow your economy,” Farmington Convention & Visitors Bureau Executive Director Tonya Stinson said. “I think these events reinforce the importance of tourism and the role they play in economic vitality.”
The following organizations have endorsed HB 267:
The $45 million special appropriation for tourism workforce and infrastructure recovery included in HB 267 and the $25 million special appropriation for tourism promotion included in the Executive Budget Recommendation are designed to work in tandem by providing necessary asset stabilization to meet growing demand.
The New Mexico tourism industry has suffered severe economic injury due to the COVID-19 pandemic. NMTD estimates the state lost over $3.15 billion in visitor spending in 2020. The estimated loss of visitor spending translates to a loss of $190 million in state and local tax revenue. As of December 2020, an estimated 30,000 leisure and hospitality workers remain unemployed.
New Mexico Tourism Department unveils economic impact calculator for events
Posted on February 17, 2021 by Tourism Talk