Loading...
HomeMy WebLinkAbout4. RRC Special events presentation Feb 1 2017_FINALEconomic Development Office February 1, 2017 Photo by Jack Affleck Visitor Profile, Attendance and Economic Impact of 2016 Special Events & Overview of 2017 Work Program Economic Development Office Chris Cares David Becher RRC Associates Office: 303.449.6558 chris@rrcassociates.com 2 Town of Vail | Economic Development Office | 02/01/17 Visitor Profile, Attendance and Economic Impact of 2016 Special Events & Overview of 2017 Work Program Outline Objectives and methodology Attendee profile Attendance estimates Economic impact Summary of 2016 results Review of 2017 work program 3 Town of Vail | Economic Development Office | 02/01/17 Visitor Profile, Attendance and Economic Impact of 2016 Special Events & Overview of 2017 Work Program 4 Town of Vail | Economic Development Office | 02/01/17 5 Town of Vail | Economic Development Office | 02/01/17 2016 Work Program 6 Town of Vail | Economic Development Office | 02/01/17 •Measure visitor profile, attendance & economic impact at 34 TOV-funded events •Summarize event results in “dashboard” format •Key research tools: Attendee surveys (intercept and/or post-trip): Standardized metrics: visitor type, attendee origin, lodging type and location, likelihood to recommend event, household income, etc. Attendee counts (ticketed counts and/or manual “live” counts): Standardized estimates of “attendee-days” Economic impact: Incremental spending in TOV Incremental sales and lodging tax in TOV ROI (impacts vs. funding): Economic Impact & Tax Payback Ratios Visitor Profile, Attendance and Economic Impact of 2016 Special Events 7 Town of Vail | Economic Development Office | 02/01/17 Intercept Survey Example 8 Town of Vail | Economic Development Office | 02/01/17 Illustrative Screenshot of a Post-Trip Web Survey Attendance Estimates 9 Town of Vail | Economic Development Office | 02/01/17 Counters were used to conduct periodic counts at selected events. Visitor Profile, Attendance and Economic Impact of 2016 Special Events TOV Police estimated crowds at selected concerts. ECONOMIC IMPACT: Definition ECONOMIC IMPACT, i.e. Incremental spending in TOV. Formula: Event attendance x Per capita daily spending of event attendees in TOV x Ratio of days in Vail to days attended event (1, except for overnight visitors staying in TOV) x Importance of event in driving decision to visit TOV (0-100%) = Total economic impact in TOV 10 Town of Vail | Economic Development Office | 02/01/17 Visitor Profile, Attendance and Economic Impact of 2016 Special Events 11 Town of Vail | Economic Development Office | 02/01/17 Survey Methodology(ies) and Counting Technique(s) by Event SURVEY METHODOLOGY(IES)COUNTING TECHNIQUE(S) Event Intercept Post-Event Manual/Live Counts Tickets/Registrations 1 36th FIPS Mouche World Fly Fishing Championship x x 2 Applied Leadership (Vail Centre)x x 3 Big Beers, Belgians & Barleywines Festival x x 4 Bravo! Vail Valley Music Festival x x 5 Burton USO x x x 6 CarniVail x x 7 Colorado Camp Cup 2016 x x 8 Colorado Grand x x 9 Global Solutions Forum x x 10 GoPro Mountain Games x x x 11 Gourmet on Gore x x 12 Hot Summer Nights x x 13 Kick It 3v3 National Soccer Championship x x 14 King of the Mountain Volleyball x x 15 Mountains of Hope / Vail Veterans Program x x 16 Nurture/Explore/Discover at the Garden (Betty Ford)x x 17 Outlier Offroad Festival x x x 18 Pink Vail x x 19 Spring Back to Vail x x 20 Taste of Vail x x 21 Vail Arts Festival x x 22 Vail Family Fun Fest x x 23 Vail Farmers' Market & Art Show x x 24 Vail Film Festival x x 25 Vail Holidaze x x 26 Vail International Dance Festival x x 27 Vail Jazz Party x x 28 Vail Kids Adventure Games x x 29 Vail Lacrosse Shootout x x 30 Vail Oktoberfest x x 31 Vail Snow Daze x x 32 Vail Summer Bluegrass Series x x 33 Vail Symposium x x 34 Vail's Top Shelf Harvest x x TOTAL 15 20 14 22 Note: Vail’s Top Shelf Harvest (#34) is excluded from results to follow due to insufficient survey responses. 12 Dashboard Example Visitor Type by Event 13 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Annual Household Income (before taxes) 14 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Median Annual Household Income (before taxes) 15 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Median Age 16 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Importance of Event in Decision to Visit Vail 17 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Net Promoter Score 18 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Attendance (“attendee-days”) 19 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Economic Impact 20 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results *Note: Jazz economic impact is for the Jazz Party only (other Jazz events excluded). Holidaze impact is for Dec. 18 only. Economic Impact per Attendee-Day 21 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Economic Impact Payback Ratio (economic impact / TOV funding received) 22 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results *Note: Jazz payback ratio is artificially small, since it compares the economic impact for the Jazz Party only, to the funding received for all Jazz events. *Holidaze ratio is also artificially small, since it is based on economic impacts for Dec 18 only. Tax Payback Ratio (TOV 4% & VLMD 1.4% taxes / TOV funding received) 23 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results *Note: Jazz payback ratio is artificially small, since it compares the tax revenues generated by the Jazz Party only, to the funding received for all Jazz events. *Similarly, Holidaze ratio is artificially small, since it incorporates taxes generated on Dec 18 only. Economic Impacts by Event Category: 2016 and 2015 24 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results 2016 Vail Special Events (33 events): Category Events Evaluated Attendee Days Direct Econ Impact per Attendee Day Direct Economic Impact TOV & LMD Tax Impact TOV Funding Econ. Impact Payback Ratio Tax Impact Payback Ratio CRC (Cultural, Rec. & Cmty)23 254,897 144$ 36,597,574$ 1,296,108$ $ 835,700 44$ 1.55$ TOV Council Designated 5 125,272 128$ 16,027,039$ 602,296$ $ 805,965 20$ 0.75$ EE (Education & Enrichment)5 10,911 48$ 526,639$ 18,863$ $ 139,000 4$ 0.14$ Totals:33 391,080 $ 136 $ 53,151,251 $ 1,917,268 $1,780,665 $ 30 $ 1.08 2015 Vail Special Events (25 events): Category Events Evaluated Attendee Days Direct Econ Impact per Attendee Day Direct Economic Impact TOV & LMD Tax Impact TOV Funding Econ. Impact Payback Ratio Tax Impact Payback Ratio CATEGORY TOTAL TOTAL TOTAL TOTAL TOTAL Budget TOTAL TOTAL CSE-allocated 18 234,042 159$ 37,325,028$ 1,256,081$ $ 648,500 58$ 1.94$ TOV Council Designated 5 110,322 104$ 11,508,277$ 377,068$ $ 718,900 16$ 0.52$ Life Long Learning 2 1,734 69$ 119,412$ 2,881$ $ 50,000 2$ 0.06$ Totals:25 346,098 $ 141 $ 48,952,718 $ 1,636,030 $1,417,400 $ 35 $ 1.15 Economic Impacts: 2016 vs. 2015 (for 22 apples-to-apples events) 25 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Events included: Bravo! Vail Jazz Party Vail Family Fun Fest Vail Lacrosse Shootout Burton US Open Kick It 3v3 Soccer Vail Farmers' Market & Art Show Vail Oktoberfest FIPS Mouche King of the Mountain Volleyball Vail Film Festival Vail Snow Daze GoPro Mountain Games Outlier Offroad Festival Vail International Dance Festival Vail Summer Bluegrass Series Gourmet on Gore Spring Back to Vail Vail Kids Adventure Games Vail Symposium Hot Summer Nights Taste of Vail Measure 2016 2015 % Change Attendee-days 358,265 326,237 9.8% x Economic impact per attendee-day $138.18 $144.38 -4.3% = Direct economic impact to TOV $49,506,170 $47,102,088 5.1% Direct economic impact to TOV $49,506,170 $47,102,088 5.1% / TOV event funding $1,582,665 $1,368,400 15.7% = Economic impact payback ratio $31.28 $34.42 -9.1% Direct tax impact to TOV (4% sales + 1.4% VLMD)$1,797,791 $1,571,245 14.4% / TOV event funding $1,582,665 $1,368,400 15.7% = TOV tax payback ratio $1.14 $1.15 -1.1% Selected Aggregate Results: 2016 vs. 2015 26 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Summary of 2016 Economic Impact & Payback Ratios 27 Town of Vail | Economic Development Office | 02/01/17 Summary of 2016 Special Events Results Aggregate results for 33 events tracked in 2016* o $53.2 million direct economic impact o $30 economic impact payback ratio (i.e. $30 in incremental economic impact per dollar of TOV event funding) o $1.08 tax payback ratio (i.e. $1.08 in incremental TOV & VLMD sales taxes per dollar of TOV event funding) •*Note: Several events that took place in Vail were not included in this study and are excluded from the 2016 economic impact total, e.g. Vail America Days, Vail Restaurant Week, & Top Shelf Harvest. •*Note: The economic impact associated with Vail Jazz is limited to the Vail Jazz Party (other Jazz events excluded). The impact for Holidaze is for Dec. 18 only. 2016 vs. 2015 comparisons for 22 “apples to apples” events evaluated both years: o +5.1% economic impact (from $47.1M to $49.5M) o -9.1% economic impact payback ratio (from $34 to $31) o -1.1% tax payback ratio (from $1.15 to $1.14) Other Benefits of Special Events 28 Town of Vail | Economic Development Office | 02/01/17 •While our estimates help estimate direct visitor economic impact of events, there are many other benefits of special events that make them valuable to Vail: •Economic impacts associated with event production •Secondary or “multiplier” economic impacts •Enhanced guest satisfaction (positive word of mouth, town reputation, repeat visitation) •Marketing exposure •Media / PR exposure •Reinforce and shape town brand •Maintain/increase competitiveness of Vail as compared to other mountain resorts and destinations •Community quality of life benefits Visitor Profile, Attendance and Economic Impact of 2016 Special Events Goals of 2017 Work Program 29 Town of Vail | Economic Development Office | 02/01/17 •Continue to refine the data collection program in 2017 •Look for ways to tie findings to Vail Intercept and other research efforts •Work closely with event promoters from the outset to get support for surveys and crowd estimates •Provide direct feedback to the promoters showing survey results and any customized questions, where applicable •Refine survey questions slightly for different types of events, for example, more qualitative input on Education and Enrichment Events •Continue use of Dashboards to present results of individual events, followed by end-of-year summary similar to today Overview of 2017 Work Program 2017 Event Research List 30 Town of Vail | Economic Development Office | 02/01/17 Overview of 2017 Work Program Event:Start Date 2017 Funding Allocated Intercept interview Email/web survey Ticketed event/ Team List RRC Dashboard DUE to TOV Producer Event Recap Materials DUE to CSE Recap Date (within 60 days after event) 1 Vail Yeti Hockey Club 6-Jan 10,000$ X X 17-May 31-May 7-Jun 2 Vail Symposium 6-Jan 35,000$ X X 17-May 31-May 7-Jun 3 Burton US Open 27-Feb 404,000$ X 12-Apr 26-Apr 3-May 4 Pink Vail 25-Mar 10,000$ X 17-May 31-May 7-Jun 5 Betty Ford Alpine Gardens Programming 1-Apr 15,000$ X 15-Nov 29-Nov 6-Dec 6 Taste of Vail - Debut of Rosé 5-Apr 40,000$ X X 17-May 31-May 7-Jun 7 Skate Vail's "Melee in the Mountains"29-Apr 12,000$ X X 14-Jun 28-Jun 5-Jul 8 Vail Centre Programming 5-May 58,500$ X X 16-Aug 30-Aug 6-Sep 9 Community Art Events for the Town of Vail 1-Jun 10,000$ X X 11-Oct 25-Oct 1-Nov 10 Vail Craft Beer Classic 16-Jun 60,000$ X X 12-Jul 26-Jul 2-Aug 11 King of the Mountain Volleyball 16-Jun 15,000$ X X 16-Aug 30-Aug 6-Sep 12 Vail Arts Festival 23-Jun 8,000$ X 16-Aug 30-Aug 6-Sep 13 Vail Family Fun Fest 24-Jun 20,000$ X 13-Sep 27-Sep 4-Oct 14 Vail Lacrosse Shootout 25-Jun 15,000$ X X 16-Aug 30-Aug 6-Sep 15 Vail Summer Bluegrass Concert Series 28-Jun 50,000$ X 16-Aug 30-Aug 6-Sep 16 Vail Farmers' Market Farm to Table Dinners 30-Jun 9,000$ X X 13-Sep 27-Sep 4-Oct 17 Prep Baseball Reports West Championships 20-Jul 10,000$ X X 16-Aug 30-Aug 6-Sep 18 Kick It 3v3 World Championships 28-Jul 40,000$ X X 16-Aug 30-Aug 6-Sep 19 Vail Kids Adventure Games 9-Aug 42,500$ X X 13-Sep 27-Sep 4-Oct 20 Crazy Mountain Brewery's Edfest 19-Aug 10,000$ X X 13-Sep 27-Sep 4-Oct 21 Gourmet on Gore 1-Sep 60,000$ X 11-Oct 25-Oct 1-Nov 22 Taste of Vail South America Fall Tasting 21-Sep 14,000$ X X 11-Oct 25-Oct 1-Nov 23 Slow Fashion Vail 22-Sep 5,000$ X 11-Oct 25-Oct 1-Nov 24 Vail Outlier Offroad Festival 30-Sep 25,000$ X X 15-Nov 29-Nov 6-Dec 25 Vail Valley Soccer Cup 6-Oct 10,000$ X X 15-Nov 29-Nov 6-Dec Note: Eight new events per yellow-shaded cells above. Economic Development Office Chris Cares David Becher RRC Associates Office: 303.449.6558 chris@rrcassociates.com 31 Town of Vail | Economic Development Office | 02/01/17 Thank you! Visitor Profile, Attendance and Economic Impact of 2016 Special Events & Overview of 2017 Work Program 2015 Results 32 Town of Vail | Economic Development Office | 02/01/17 2015 individual event charts follow Summary of 2015 Special Events Results Visitor Type by Event 33 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results 97% 94% 82% 81% 74% 70% 67% 66% 66% 60% 59% 59% 54% 53% 51% 49% 48% 44% 40% 38% 36% 29% 27% 22% 9% 3% 4% 4% 3% 12% 10% 6% 2% 5% 14% 8% 15% 11% 11% 9% 1% 3% 10% 6% 18% 4% 7% 6% 10% 1% 1% 3% 4% 13% 8% 17% 8% 12% 2% 8% 8% 11% 18% 15% 12% 26% 15% 17% 47% 34% 50% 23% 3% 1% 3% 3% 12% 12% 5% 11% 11% 13% 8% 20% 22% 21% 12% 14% 19% 20% 22% 38% 21% 16% 26% 22% 53% 1% 9% 11% 8% 3% 5% 8% 3% 14% 6% 11% 1% 8% 15% 9% 17% 21% 1% 4% 8% 4% 6% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Percent of Respondents Day visitor to Vail Full-time downvalley resident Full-time resident of Town of Vail Seasonal resident of Vail Valley Overnight visitor to the region Annual Household Income (before taxes) 34 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results 74% 64% 61% 58% 57% 53% 51% 51% 49% 48% 42% 38% 35% 34% 34% 33% 33% 33% 33% 27% 26% 24% 22% 18% 17% 11% 14% 18% 21% 7% 21% 21% 17% 26% 37% 25% 13% 23% 13% 13% 21% 12% 22% 15% 23% 29% 14% 14% 24% 8% 16% 18% 21% 29% 15% 18% 21% 17% 7% 29% 26% 40% 20% 20% 30% 39% 27% 37% 26% 20% 35% 43% 40% 38% 22% 4% 7% 11% 10% 10% 9% 8% 5% 23% 2% 33% 33% 16% 16% 18% 15% 24% 24% 27% 20% 18% 37% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Percent of Respondents Under $50k $50k-$100k $100-$150k $150k or more Importance of Event in Decision to Visit Vail 35 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results 9.7 9.5 9.1 8.9 8.5 8.1 7.4 7.4 7.1 6.9 6.8 6.8 6.8 5.5 5.4 5.3 5.2 4.9 4.9 4.8 4.6 4.4 3.5 3.1 2.1 0 1 2 3 4 5 6 7 8 9 10 Average Importance (0=None / 5=Half my reason for coming / 10=My only reason for coming) Net Promoter Score 36 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results 92% 90% 89% 87% 85% 84% 79% 77% 76% 73% 70% 69% 68% 62% 58% 56% 56% 55% 48% 46% 34% 29% 24% 6% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Net Promoter Score Net Promoter Score – by Survey Methodology 37 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results 92% 90% 89% 87% 85% 84% 79% 77% 76% 73% 70% 69% 68% 62% 58% 56% 56% 55% 48% 46% 34% 29% 24% 6% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Net Promoter Score Overall NPS NPS - Intercept survey NPS - Post-trip survey Attendance (“attendee-days”) 38 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results 79,000 52,270 46,000 21,500 19,840 19,305 13,812 11,400 11,340 11,000 10,820 9,349 9,000 6,841 5,096 4,000 4,000 2,900 2,700 1,850 1,528 1,352 639 350 206 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Attendee-Days Aggregate: 346,098 attendee-days Economic Impact 39 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results $13,874,665 $5,459,029 $5,147,377 $3,081,168 $2,509,275 $2,002,966 $1,825,303 $1,803,805 $1,792,589 $1,748,361 $1,648,546 $1,584,585 $1,444,714 $958,989 $822,070 $791,013 $665,074 $618,103 $446,039 $343,609 $196,066 $70,846 $48,565 $38,538 $31,422 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 Economic Impact *Note: Jazz economic impact is for the Jazz Party only (other Jazz events excluded). Aggregate: $48.9 million direct economic impact $396 $167 $125 $64 $46 $45 $41 $40 $39 $33 $32 $32 $30 $30 $30 $27 $14 $14 $13 $9 $8 $5 $2 $1 $1 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 Economic Impact Payback Ratio Economic Impact Payback Ratio (economic impact:TOV funding received) 40 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results *Note: Jazz payback ratio is artificially small, since it compares the economic impact for the Jazz Party only, to the funding received for all Jazz events. Aggregate: $35 economic impact per dollar of TOV funding $13.21 $6.03 $4.46 $2.13 $1.65 $1.51 $1.34 $1.23 $1.22 $1.17 $1.16 $1.11 $1.06 $1.03 $0.97 $0.89 $0.42 $0.32 $0.30 $0.28 $0.28 $0.08 $0.06 $0.05 $0.03 $0 $2 $4 $6 $8 $10 $12 $14 Tax Payback Ratio Tax Payback Ratio (TOV 4% & VLMD 1.4% taxes:TOV funding received) 41 Town of Vail | Economic Development Office | 02/03/16 Summary of 2015 Special Events Results *Note: Jazz payback ratio is artificially small, since it compares the tax revenues generated by the Jazz Party only, to the funding received for all Jazz events. Aggregate: $1.15 in incremental taxes per dollar of TOV funding