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Research 05 Jan 2021
Commissioned in 2020, the Deloitte Access Economics report titled The Economic Impact of Growing Adelaide’s Festivals has considered the potential economic impact if five of Adelaide’s festivals achieved their attendance growth targets over the next ten years, with an associated increase in tourism visitation and expenditure. Importantly, this analysis does not model the specific effects of potential individual growth initiatives, but rather looks at the impact if growth occurs. Overall, those festivals with growth targets could attract an additional 24,900 tourists on average annually, who would spend an extra $182 million over ten years in net present value (NPV) terms.
Deloitte Access Economics estimates that if the festivals achieved their growth targets, gross state product (GSP) would be $59 million higher over a ten-year period in NPV terms. Employment would also be higher overall, with an additional 44 full-time equivalent (FTE) jobs on average annually, peaking at 63 FTEs in 2029-30 as visitation increases year-on-year.
It is noted that these results capture only the impacts of additional and induced visitation — a small proportion of overall visitation associated with the festivals. In addition, these results assume that the low unemployment conditions of recent years continue. However, in a world where unemployment increases – a real possibility due to COVID-19 – the net job effects may be higher than modelled. This is countered by the fact that visitation to festivals may decline, although the precise impacts are not possible to anticipate at this stage.
In 2019-20, it is estimated that Adelaide’s festivals had an economic contribution of $116.7 million, and 1,089 full-time equivalent (FTE) jobs, according to Festivals Adelaide.