There will be $5 billion worth of demand-driving events in March 2022
There are more than 12,000 events across the USA in March 2022 that will drive economic spending. To share the scope of the opportunity ahead of businesses as the US continues to shake off its pandemic economic funk, we ran an economic spend analysis of these events for accommodation, transport and food retail, which we detail below.
PredictHQ tracks 19 categories of events, all of which impact demand for our customers. This analysis is focused on attended events such as sports, conferences, expos, concerts, festivals, performing arts and community events. Keep in mind this analysis does not factor in the significant economic impact of Spring Break, which we also help our customers track
US events in March 2022 will drive at least $4.9 billion in economic spending
Using average spend for airfare, rideshare/ground transport, accommodation per city and meal spend per day, we calculated the indicative spending for each event. Our model totalled a national summary of $4.9 billion worth of economic spending from these events made up of:
$1.8 billion in hotel spending
$1.1 billion in transport spending
$2 billion in food/meal spend
These are based on conservative averages, and do not factor in wages, taxes or incidental retail spending. This means this is only the tip of the iceberg of economic impact as the US events economy roars back to life.
To put this in perspective, we last ran an economic quantification for the US in June 2021, and found the 2,600+ events that month would drive $1.6 billion in spending. The almost threefold increase we’re seeing this June is great news for communities as the event industry in the US bounces back.
If you’re wondering how the spending on food can be so higher than the spending on accommodation or flights (which are much more expensive than an average food spend), it’s due to the ~5,000 sports, concerts and community events. These one-day and often more local events aren’t done overnight but still drive purchasing of food, beverages and snacks. Sports, especially tier one sports as well as higher profile concerts can also drive considerable inter-city and interstate transport.
What kind of events are contributing to the $5 billion event-driven-demand boom in March 2022?
The main reason why March 2022 is worth so much more than June 2021 is event volume - with an almost fivefold increase in events occurring and the average attendance increasing.
The events that make up the majority of the spending include:
We aren’t able to detail all of these events in this post, but you can search for the most relevant events by city, geolocation, as well as attendance and impact ranking via PredictHQ’s APIs or the Control Center platform. If you don’t have access to our platform, sign up for a free trial here or reach out to our team. If you are a journalist or analyst and would like more information on this analysis, get in touch here.
City-by-city: preparing for major surges in demand
$5 billion is a big number, as is 12,000+ events. For those new to thinking about event-driven demand, those are near impossible numbers to wrap your head around. But that’s ok - the way businesses use events in forecasting and planning involves identifying which impact their specific demand and which are occurring near their locations.
To help make more sense of the above, we’ve focused on event impact in 15 cities. If your business operates in any of these cities, get in touch with our team for assistance on narrowing down which events are most impactful for you, as well as the dates, start and end times, and predicted attendance for each of these impactful events.
|City||Total volume of attendees||Economic spend|