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Home My WebLink About2019 Vail Events Presentation_Feb 5, 20202019 Vail Special Events Research February 5, 2020 Special Events RRC Team Sean Maher CEO sean@rrcassociates.com Sandy Holt Senior Research Analyst sandy@rrcassociates.com RRC Associates Boulder, CO 80303 Direct: 303-396-1612 www.rrcassociates.com 2 Table of Contents Project Goal & Methodology 2019 Special Events Research: Results Attendee Profile Attendance Estimates Economic Impact Key Findings Appendix 1-Overall Dashboard Q & A 3 Goal of the Special Events Research Measure the economic contributions of events that are receiving public support. To achieve the above, the following data was collected, among others; Visitor Type Event Importance Spend by Visitor Party Size 4 Methodology –Attendance Estimates 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. 1 2 3 5 4 5 Methodology –Economic Impact 6 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 askedIf not asked, importance was assumed to be “100%” (all spending included) Benefits of Special Events •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 7 2019 Work Program •Attendee surveys (intercept and/or web post-trip) •Attendee counts •Economic impact Events from February –December 2019 20 TOV-Funded Events 3,062 Total Sample Size Key Research Tools: 8 2019 Surveyed Events 9 2019 Special Events Research: Results •Attendee Profile 10 Overall Visitor Type •On average, 49% of event attendees were overnight visitors. •Vail Lacrosse Shootout had the largest share of overnight attendees at 95%. 11 Visitor Type by Event 12 Annual Household Income by Event 13 Overall Age Distribution 14 Average Age by Event Average Importance of Event in Decision to Visit Vail 15 None, I would have come to Vail anyway Half my reason for coming to Vail My only reason for coming to Vail Net Promoter Score by Event 16 NPS calculation = % promoters (9 & 10) -% detractors (0-6), on a scale where 0=not at all likely to recommend event and 10=extremely likely to recommend event. Percent Attended Event Last Year (select events) 17 •On average, 44% of event attendees attended last year’s event. •Kids Adventure Games had the highest repeat attendance at 67%. 2019 Special Events Research: Results Continued •Attendance Estimates •Economic Impact 18 Methodology –Economic Impact 19 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 askedIf not asked, importance was assumed to be “100%” (all spending included) Funding by Event 20 Attendance (“Attendee-Days”) by Event 21 Total: 141,112 “Attendee-Days” Average: 7,056 “Attendee-Days” Direct Economic Impact 22 Total: $26.6 Million Direct Economic Impact Average: $1.3 Million Direct Economic Impact Economic Impact per “Attendee-Day” 23 Economic Impact Payback Ratio (economic impact / TOV funding received) 24 The aggregate economic impact payback ratio in 2019 was $19.27. •$19.27 in incremental economic impact in TOV per $1 in funding received Economic Impact Payback Ratio by Direct Economic Impact 25 Tax Payback Ratio (TOV 4% & VLMD 1.4% taxes / TOV funding received) 26 The aggregate tax payback ratio in 2019 was $0.69. •$0.69 in incremental sales & lodging tax in TOV per $1 in funding received Key Findings 27 o Most Vail Events Cater to Both Overnight Visitors and Locals •Roughly 50% overnight visitors across all events •Range of 10% overnight (Alpine Journeys) to 95% (Vail Lacrosse Shootout) •Valley residents account for 30-60% of attendance at most events •Overall, a healthy and sustainable mix of locals and visitors o Vail Events Attract High-Value Visitors As Measured by HH Income •Average HH income: $170,874 •Range of $90,000 (Legacy Fighting) to $260,000 (Taste of Vail) •HH income for Denver event attendees is significantly lower Key Findings 28 o Attendee Age Skews Slightly High •Average age across Vail events: 44.3 years •Denver and Boulder events skew younger (high millennial concentration) •Range from 30.2 (Powabunga) to 64.7 (Alpine Journeys) o Events Are Important Drivers of Visitation •Average rating of 6.6 out of 10 in importance for choosing Vail •Only Taste of Vail, Restaurant Week and Alpine Journeys rated below 5 o NPS Ratings Are Solid at 62.7%Across Surveyed Events •15 of 20 events rated higher than 60% NPS •Kids Adventure Games,Vail America Days and Lacrosse Shootout all above 80% Key Findings 29 o Events Generate Significant Economic Impact for Vail •$26.6 million direct impact from the 20 surveyed events •$1.3 million average per event •Range of $30,000 to $9.4 million for individual events o Wide Variance in Payback Ratio Based on Funding •$2.61 per dollar invested (10th Mountain Parade) to $264 (Lacrosse) •Some community events show strong ROI •Pink Vail, Vail Film Fest and Restaurant Week all cater to locals o Most Events Are Not Positive in Tax Revenue Payback •Average is 69 cents per dollar invested •Lacrosse, America Days, Pink Vail, Film Fest and Restaurant Week all positive •Branding and local popularity should also be considered Appendix 1 –Overall Dashboard PDF Document –Separate File 30 Questions