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RRC Special events presentation 02-14-2018Economic Development Office February 14, 2018 Photo by Jack Affleck Visitor Profile, Attendance and Economic Impact of 2017 Special Events & Overview of 2018 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 | 02/14/18 Visitor Profile, Attendance and Economic Impact of 2017 Special Events & Overview of 2017 Work Program Outline Objectives and methodology Attendee profile Attendance estimates Economic impact Summary of 2017 results Review of 2018 work program 3 Town of Vail | Economic Development Office | 02/14/18 Visitor Profile, Attendance and Economic Impact of 2017 Special Events & Overview of 2018 Work Program 4 Town of Vail | Economic Development Office | 02/14/18 5 Town of Vail | Economic Development Office | 02/14/18 6 Town of Vail | Economic Development Office | 02/14/18 2017 Work Program 7 Town of Vail | Economic Development Office | 02/14/18 •Measure visitor profile, attendance & economic impact at 25 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. New this year (some events): attended event last year? New this year: expanded response incentives (prize drawings) Selected integration with Vail summer intercept & post-trip surveys 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 (impact vs. funding): econ. & tax payback ratios Visitor Profile, Attendance and Economic Impact of 2017 Special Events 8 Town of Vail | Economic Development Office | 02/14/18 Intercept Survey Example 9 Town of Vail | Economic Development Office | 02/14/18 Illustrative Screenshot of a Post-Trip Web Survey Attendance Estimates 10 Town of Vail | Economic Development Office | 02/14/18 •Counters were used to conduct periodic counts at selected events. •Event promoters provided registrant counts and attendance estimates for applicable events. •TOV Police estimated crowds at selected concerts. •Survey questions were used to evaluate crowd turnover at events and crowd duplication at multi-venue events. •Event photos, parking counts and lodging occupancy statistics used for supplemental estimates and reasonableness checks. Visitor Profile, Attendance and Economic Impact of 2017 Special Events ECONOMIC IMPACT: Definition ECONOMIC IMPACT, i.e. Incremental spending in TOV. Formula: Event attendee-days x TOV spending per attendee-day1 x Importance of event in driving decision to visit TOV (0-100%)2 = Total economic impact in TOV 1 Spending included varies by visitor type: •Full-time TOV residents: includes spend in TOV associated with event outing. •Overnight visitors staying in Vail: incorporates spend in TOV during entire trip. •Others (downvalley residents, seasonal residents of the Vail Valley, day visitors, and overnight visitors not staying in TOV): takes into account spend in TOV on all days attended the event. •For calculation purposes, expenditures are evaluated in terms of “spend per attendee-day.” 2 For full-time TOV residents, this importance question was typically not asked. If not asked, importance was assumed to be “100%” (all spending included). 11 Town of Vail | Economic Development Office | 02/14/18 Visitor Profile, Attendance and Economic Impact of 2017 Special Events 12 Town of Vail | Economic Development Office | 02/14/18 Survey Methodology(ies) by Event Count Category Event 2017 Survey 2016 Svy? 1 CRC Gourmet on Gore Intercept Y 2 CRC Spring Back to Vail (surveyed concert only)Intercept Y 3 CRC Taste of Vail (surveyed Lamb Cookoff only)Intercept Y 4 CRC Vail Arts Festival Intercept Y 5 CRC Vail Craft Beer Classic Intercept No 6 CRC Vail Family Fun Fest Intercept Y 7 CRC Vail Summer Bluegrass Concert Series Intercept Y 8 Council Burton US Open Intercept & web Y 9 CRC Vail Yeti Hockey Club Intercept & web No 10 EE Betty Ford Alpine Gardens Programming Web Y 11 EE Community Art Events for the Town of Vail Web No 12 CRC King of the Mountain Volleyball Web Y 13 CRC Pink Vail Web Y 14 CRC Prep Baseball Reports West Championships Web No 15 CRC Skate Vail's "Melee in the Mountains"Web No 16 CRC Taste of Vail Fall Food & Wine Classic Web No 17 EE Vail Centre Programming Web No 18 CRC Vail Farmers Market - Farm to Table Dinners Web No 19 CRC Vail Kids Adventure Games Web Y 20 CRC Vail Lacrosse Shootout Web Y 21 CRC Vail Outlier Offroad Festival Web Y 22 EE Vail Symposium Web Y 23 CRC Vail Valley Soccer Cup Web No 24 CRC Kick It 3v3 World Championships Web (cancelled)No 25 CRC Slow Fashion Vail Intercept (cancelled)No 13 Dashboard Example Visitor Type by Event 14 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Annual Household Income (before taxes) 15 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Median Annual Household Income (before taxes) 16 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Median Age 17 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Importance of Event in Decision to Visit Vail 18 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Net Promoter Score 19 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Attendance at Last Year’s Event (selected events) 20 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Previous Visitation of Vail (selected events) 21 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Attendance (“attendee-days”) 22 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Economic Impact per Attendee-Day 23 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Economic Impact 24 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Economic Impact Payback Ratio (economic impact / TOV funding received) 25 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Tax Payback Ratio (TOV 4% & VLMD 1.4% taxes / TOV funding received) 26 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Economic Impacts by Event Category: 2017 27 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Category Events Evaluated Attendee Days Direct Econ Impact per Attendee Day Total Direct Economic Impact Total TOV & LMD Tax Impact TOV Funding Economic Impact Payback Ratio Tax Impact Payback Ratio TOTAL TOTAL AVERAGE TOTAL TOTAL TOTAL AVERAGE TOTAL CRD 18 94,009 159.55$ 14,999,148$ 479,768$ 540,500$ 27.75$ 0.89$ EE 4 7,095 74.64$ 529,601$ 16,211$ 118,500$ 4.47$ 0.14$ Council 1 22,200 177.02$ 3,929,765$ 142,165$ 404,000$ 9.73$ 0.35$ Totals:23 123,304 157.81$ 19,458,514$ 638,144$ 1,063,000$ 18.31$ 0.60$ Selected Other Metrics by Event Category: 2017 *Based on simple averages across events, with each event counted equally. (Results sometimes differ from previous graphs, where overall results are usually calculated from aggregate of survey responses, which differ by event.) Category Overnight Visitor %* In-state visitation %*NPS* AVG AVG AVG CRC 56%71%54% EE 21%75%74% Council 47%59%66% Totals:49%71%58% Economic Impacts: 2017 vs. 2016 (for 14 apples-to-apples events) 28 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Measure 2017 2016 % Change Attendee-days 87,879 94,890 -7.4% x Economic impact per attendee-day $165.74 $142.24 16.5% = Direct economic impact to TOV $14,565,427 $13,496,813 7.9% Direct economic impact to TOV $14,565,427 $13,496,813 7.9% / TOV event funding $869,500 $845,000 2.9% = Economic impact payback ratio $16.75 $15.97 4.9% Direct tax impact to TOV (4% sales + 1.4% VLMD)$497,783 $455,934 9.2% / TOV event funding $869,500 $845,000 2.9% = TOV tax payback ratio $0.57 $0.54 6.1% Events included: Betty Ford Alpine Gardens Spring Back to Vail (concert)*Vail Lacrosse Shootout Burton US Open Taste of Vail (April)Vail Outlier Offroad Festival Gourmet on Gore Vail Arts Festival Vail Summer Bluegrass Concert Series King of the Mountain Volleyball Vail Family Fun Fest Vail Symposium Pink Vail Vail Kids Adventure Games *Spring Back to Vail: impacts & attendance based on concert only in 2017 (vs. entire event in 2016). Selected Aggregate Results: 2017 vs. 2016 (all events, not apples-to-apples events) 29 Town of Vail | Economic Development Office | 02/14/18 Summary of 2017 Special Events Results Other Benefits of Special Events 30 Town of Vail | Economic Development Office | 02/14/18 •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 2017 Special Events 2018 Event Research Criteria (tentative) 31 Town of Vail | Economic Development Office | 02/14/18 Overview of 2018 Work Program Perform surveys on: 1.Any new events. 2.Events that had issues the previous year or received poor feedback. 3.Sports tournaments which are normally surveyed online. 4.Events that are funded at $50K or above. (For discussion) Don’t survey: 1.Council events – except for Burton, not enough in budget to cover costs; and most council funded events perform their own surveys. 2.Events that have been surveyed and consistently posted stable results (such as Oktoberfest and Snow Daze). Other notes: •Recommend surveying America Days (in part to help attract sponsorships). 2018 Event Research List (tentative) 32 Town of Vail | Economic Development Office | 02/14/18 Overview of 2018 Work Program #Categ.Event 2018 Method 2018 Funding 2017 Svy? 1 Council Colorado Classic (NEW)Intercept 310,000$ No 2 CRC Gourmet on Gore Intercept 60,000$ Y 3 CRC Legacy Fighting Alliance (NEW)Intercept 17,500$ No 4 CRC Spring Back to Vail Intercept 30,000$ Y 5 CRC Vail Yeti Hockey Club Intercept 10,000$ Y 6 CRC Vail America Days™Intercept?70,000$ No 7 CRC Vail Family Fun Fest Intercept?15,000$ Y 8 CRC Vail Holidaze 2018 Intercept?26,000$ No 9 CRC Vail Oktoberfest Intercept?60,000$ No 10 CRC Vail Summer Bluegrass Series Intercept?50,000$ Y 11 Council Burton US Open Intercept & Web 490,000$ Y 12 CRC Taste of Vail Spring Wine & Food Classic Intercept or Web? 45,000$ Y 13 CRC Vail Craft Beer Classic Intercept or Web?68,000$ Y 14 CRC 2018 Vail Valley Cup Web 10,000$ Y 15 CRC 46th Annual Vail King of the Mountain Open Web 7,500$ Y 16 EE Betty Ford Alpine Gardens - Nurture Explore & Discover at the Gardens Web 15,000$ Y 17 EE Community Art Events for the Town of Vail Web 12,500$ Y 18 CRC Kick It 3v3 Soccer World Championships Web 30,000$ Cancelled 19 CRC Kids Adventure Games Web 40,000$ Y 20 CRC Pink Vail 2018 Web 10,000$ Y 21 CRC Prep Baseball Reports West Championships Web 10,000$ Y 22 CRC Skate Vail's "Melee in the Mountains"Web 12,000$ Y 23 CRC Taste of Vail Fall Wine and Food Classic Web 20,000$ Y 24 EE TEDxVail (NEW)Web 15,000$ No 25 EE Vail Centre Programmatic Support Web 45,000$ Y 26 CRC Vail Lacrosse Shootout Web 15,000$ Y 27 CRC Vail Lacrosse Tournament Web 5,000$ No 28 CRC Vail Mountaineers Hockey Club (NEW)Web 7,500$ No 29 CRC Vail Outlier Offroad Festival Web 25,000$ Y 30 EE Vail Symposium 2018 Season Web 35,000$ Y Economic Development Office Chris Cares David Becher RRC Associates Office: 303.449.6558 chris@rrcassociates.com 33 Town of Vail | Economic Development Office | 02/14/18 Thank you! Visitor Profile, Attendance and Economic Impact of 2017 Special Events & Overview of 2018 Work Program