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HomeMy WebLinkAbout04. RRC Special Events Presentation - final 2-4-2019Economic Development Office February 6, 2019 Photo by Jack Affleck 2018 Special Events Research Chris Cares David Becher Sandy Holt RRC Associates Office: 303.449.6558 chris@rrcassociates.com 2 Town of Vail | Economic Development Office | 02/06/19 Economic Development Office 2018 Special Events Research •Summer 2018 Visitor Intercept Survey: Selected Findings •2018 Town of Vail Community Survey: Special Event Results •2018 Special Events Research: Objectives and Methodology •2018 Special Events Research: Results Attendee Profile Attendance Estimates Economic Impact •Q & A 3 Outline Town of Vail | Economic Development Office | 02/06/19 2018 Special Events Research Summer Intercept Select Findings Overview of the 2018 Research Program 5 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept •Results from the summer 2018 research are based on 1,370 responses obtained through September 30. The Web Follow-up and Vail App Survey segment of the analysis include approximately 420 responses. Note that on these surveys the number of respondents varies by question. •The survey research is designed to permit comparisons year over year. The Intercept Survey remained largely unchanged this year. The 2018 Web Follow-up Survey contained a number of new questions. Comparative graphs for the past two years are provided for questions that did not change. New questions show only 2018 results. Key Takeaways from the Summer 2018 Research 6 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept •Survey results suggest that destination visitors were proportionately up and day visitors down in 2018. •The geographic origins of summer visitors remain similar to those observed in past years. Overall, international visitation was strong in 2018 with slightly increased visitation from Mexico. •Net Promoter Scores (NPS) are strong but down slightly from 2017. Scores have ranged from 81% in 2018, 83% in 2017, and 80% in 2016. •Approximately 30% of respondents were on their first visit to Vail. This virtually unchanged from 2017. •The 2018 survey contained new questions designed to evaluate family/children responsiveness to Vail programs. State of Origin 7 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept State of Origin (Colorado Excluded) 8 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Accommodations 9 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Previous Visitation 10 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Net Promoter Score 11 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Reasons for Visit 12 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Desired Experiences 13 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Children’s Interest and Impact 14 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept A sampling of verbatim open-ended comments 15 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Vail is considering initiating more activities for children 13 to 17 that might be offered independent of parent participation. Do you have comments or suggestions for such programs? Biking groups I think hiking with a mission or purpose will work. Also, teaching them Valley history and learning will be ideal. Since we actually enjoy hanging out together, it would be cool to have activities that are family oriented too, and not just 'independent' Not interested. This is a family vacation. We are supposed to be together. That would be great. Get the in like age groups together. Few evening activities for teens Campfires Astronomy Painting/Art Satisfaction Ratings 16 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Satisfaction Ratings 17 Town of Vail | Economic Development Office | 02/06/19 Summer Intercept Town of Vail Community Survey Evaluation of Events Community Survey Responses – Comparisons by Year 19 Town of Vail | Economic Development Office | 02/06/19 Community Survey Community Survey Responses by Year Survey Version 2012 2014 2016 2018 Invitation 412 487 541 562 Open Link 265 292 376 509 Total Responses 677 779 917 1,071 Source: RRC Associates 20182018 19) With respect to the number of events in Vail,are there:Too few eventsAbout the right numberToo many events 13% 79% 8% 12% 78% 10% Town of Vail Community Survey | Events2018 vs. 2016 - Invitation Samples Only Source: RRC Associates 20181 - Very negative Town of Vail Community Survey | Events2018 vs. 2016 - Invitation Samples Only18) In general, how would you describe the experiencethat events in Vail create foryou and your guests?20184.220164.3 50%31%13% 56%25%15% Evaluation of Events 20 Town of Vail | Economic Development Office | 02/06/19 Community Survey Special Events Objectives and Methodology 22 •Measure visitor profile, attendance & economic impact at 24 TOV-funded events •Summarize event results in “dashboard” format •Key research tools: Attendee surveys (intercept and/or web post-trip) Standardized metrics: visitor type, attendee origin, lodging type and location, likelihood to recommend event, demographics, etc. Attendee counts Standardized estimates of “attendee-days” Economic impact Incremental spending in TOV Incremental sales and lodging tax in TOV ROI (impact vs. funding): economic impact & tax payback ratios Town of Vail | Economic Development Office | 02/06/19 2018 Work Program 2018 Special Events Research 23 Events Town of Vail | Economic Development Office | 02/06/19 24 Events Town of Vail | Economic Development Office | 02/06/19 Attendance Estimates 25 •Event promoters provided registrant counts and attendance estimates for applicable events. •TOV Police estimated crowds at selected concerts. •Counters were used to conduct periodic counts at selected events. •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. Town of Vail | Economic Development Office | 02/06/19 2018 Special Events Research 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) 26 Town of Vail | Economic Development Office | 02/06/19 2018 Special Events Research Benefits of Special Events 27 •Benefits of special events that make them valuable to Vail: •Economic impacts attributable to event attendees (focus of today’s report) •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 •Quality of life benefits for the community Town of Vail | Economic Development Office | 02/06/19 2018 Special Events Research 28 Intercept and Post-Trip Web Survey Examples Town of Vail | Economic Development Office | 02/06/19 2018 Special Events Research Report Dashboard Example 29 Town of Vail | Economic Development Office | 02/06/19 2018 Special Events Research 2018 Special Events Research: Results •Special Events Attendee Profile •Special Events Attendance Estimates •Special Events Economic Impact Visitor Type by Event 31 2018 Special Events Research •On average, 58% of event attendees were overnight visitors. •Up from 50% overnight visitors in 2017 research. Town of Vail | Economic Development Office | 02/06/19 Annual Household Income (before taxes) by Event 32 2018 Special Events Research •In aggregate, 41% of attendees had $150,000+ household income. •Up slightly from 38% earning $150,000+ in 2017. Town of Vail | Economic Development Office | 02/06/19 Average Annual Household Income (before taxes) by Event 33 2018 Special Events Research •The average annual household income for all events was $184,410. •The median annual household income for all events was $126,000. Calculation of averages assume respondents earn midpoint of income categories, and $550K for $500K+ category. Town of Vail | Economic Development Office | 02/06/19 Average Age by Event 34 2018 Special Events Research •The average age for all events was 43.6 years •The median age for all events was 44 years Town of Vail | Economic Development Office | 02/06/19 Average Importance of Event in Decision to Visit Vail (0 to 10 scale) 35 2018 Special Events Research •Overall, attendees rated the events as being 69% of their reason for visiting Vail (6.9 out of 10). •Up from 65% (6.5 out of 10) last year. Town of Vail | Economic Development Office | 02/06/19 Net Promoter Score 36 2018 Special Events Research •The average NPS for all events in 2018 was 52%, down from 58% in 2017. •NPS calculation = % promoters (9 & 10) - % detractors (0-6), on a scale where 0=not at all likely to recommend event and 10=extremely likely. Town of Vail | Economic Development Office | 02/06/19 Lacrosse Tournament Feedback – example of selected families/kids comments 37 2018 Special Events Research Town of Vail | Economic Development Office | 02/06/19 What did you like most about this tournament? Great job on promoting Vail and communicating activities. I had one child playing in Vail and one in Edwards. I didn’t care for the setup in Vail with nowhere to park and paying to park. 1st time in Vail and my family loved it all. I do wish the tournament had more venders. Great experience. We made it our family's vacation. We stayed 7 nights. We are from Maryland.. Percent Attended Event Last Year (select events) 38 2018 Special Events Research •On average, 45% attended last year’s event. •Vail Lacrosse Shootout had the highest repeat attendance (70%). Town of Vail | Economic Development Office | 02/06/19 Attendance (“attendee-days”) 39 2018 Special Events Research •The average attendee-days across all of the events was 7,174. •The aggregate was 172,187 attendee-days. Aggregate: 172,187 “Attendee-Days” Town of Vail | Economic Development Office | 02/06/19 Direct Economic Impact 40 2018 Special Events Research •The average economic impact across all events in 2018 was $1.13 million. •The aggregate direct economic impact was $27.2 million. Aggregate: $27.2 million Direct Economic Impact Town of Vail | Economic Development Office | 02/06/19 Economic Impact per Attendee-Day 41 2018 Special Events Research •The average economic impact per attendee-day was $158 in 2018, identical to 2017. Town of Vail | Economic Development Office | 02/06/19 Economic Impact Payback Ratio (economic impact / TOV funding received) 42 2018 Special Events Research •The aggregate economic impact payback ratio in 2018 was $17.69. (i.e. $17.69 in incremental economic impact in TOV per $1 in funding received) Town of Vail | Economic Development Office | 02/06/19 Tax Payback Ratio (TOV 4% & VLMD 1.4% taxes / TOV funding received) 43 2018 Special Events Research •The aggregate tax payback ratio in 2018 was $0.57. (i.e. $0.57 in incremental sales & lodging tax in TOV per $1 in funding received) Town of Vail | Economic Development Office | 02/06/19 Economic Impacts by Event Category: 2018 44 2018 Special Events Research Note: Council-funded events include Burton US Open, Spring Back to Vail, Vail Jazz Party, and Vail Snow Days. *Note: Attendee profile data is based on aggregate of survey responses for events of each type. Town of Vail | Economic Development Office | 02/06/19 Attendee Profile by Event Category: 2018* Economic Impacts 2018 vs. 2017 (15 “same store” events) 45 2018 Special Events Research Town of Vail | Economic Development Office | 02/06/19 Events included: Betty Ford Alpine Gardens Taste of Vail (April)Vail Kids Adventure Games Burton US Open Taste of Vail (Fall)Vail Lacrosse Shootout Gourmet on Gore Vail Arts Program Vail Outlier Offroad Festival King of the Mountain Vail Centre Programming Vail Symposium Spring Back to Vail*Vail Craft Beer Classic Vail Valley Cup *Spring Back to Vail: impacts & attendance based on concert only in 2017 (vs. entire event in 2018). Measure 2018 2017 % Change Attendee-days 98,145 83,616 17.4% x Economic impact per attendee-day $175.62 $170.34 3.1% = Direct economic impact to TOV $17,235,791 $14,243,422 21.0% Direct economic impact to TOV $17,235,791 $14,243,422 21.0% / TOV event funding $1,018,000 $934,000 9.0% = Economic impact payback ratio $16.93 $15.25 11.0% Direct tax impact to TOV (4% sales + 1.4% VLMD)$552,027 $472,694 16.8% / TOV event funding $1,018,000 $934,000 9.0% = TOV tax payback ratio $0.54 $0.51 7.1% Attendee Profile: 2016 - 2018 (all events) 46 2018 Special Events Research Town of Vail | Economic Development Office | 02/06/19 •Fairly steady aggregate results across several measures, taking into account variability in the event mix surveyed each year. Questions? 48 Economic Development Office Thank You! Chris Cares David Becher Sandy Holt RRC Associates Office: 303.449.6558 chris@rrcassociates.com Town of Vail | Economic Development Office | 02/06/19 2018 Special Events Research 2018 TOV Lodging & Property Management Tax Collections: YOY % Change •May 2018: +34.4% •Jun 2018: +18.5% •Jul 2018: +6.1% •Aug 2018: +18.9% •Sep 2018: +18.1% •Oct 2018: -7.3% •May-Oct total: +13.1% •Jun-Sep total: +14.3% •Jun-Aug total: +13.5% TOV Lodging & Property Management Tax Collections vs. DestiMetrics Data 49 YOY % Change - Summer 2018 Lodging Tax & Occupancy Town of Vail | Economic Development Office | 02/06/19 Source: Vail Business Review. 2018 TOV Occupancy & RevPAR: YOY % Change •May 2018: +5.8% occ/-2.8% revpar •Jun 2018: +8.8% / +11.2% •Jul 2018: -9.4% / -5.6% •Aug 2018: +1.6% / +7.2% •Sep 2018: -9.7% / -7.4% •Oct 2018: -10.9% / -12.3% •May-Oct total: -3.3% / -1.1% •Jun-Sep total: -2.6% / +0.9% •Jun-Aug total: -0.6% / +2.8% Source: DestiMetrics.