Tap into the economic growth fueled by sports events
As we delve into the fascinating world of consumer spending, it’s evident that concerts such as Taylor Swift act as significant catalysts for local economic growth. On a per-night basis, Swift’s concerts have a larger economic footprint than the multi-day NFL Draft, which generated an impressive $164M+ for Kansas City in 2023.
In the realm of live events, concerts and sports have emerged as the frontrunners in fueling economic growth. However, it is the iconic Super Bowl that reigns supreme when it comes to driving consumer spending within a single day. In 2023, $16.5 billion was spent on Super Bowl Sunday across the US on food, drinks, apparel, decorations, and other elements essential to the ultimate gameday experience.
This is merely just one example of the many sporting spectacles that captivate audiences and ignite economic growth. There are countless other sports events that drive consumer spending and economic activity across the globe. The ripple effect live sports events have on various industries is evident:
As sports enthusiasts embark on their journey to witness these events firsthand, the demand for hotels, resorts, and vacation rentals skyrockets.
Restaurants and food trucks strategically position themselves to cater to the diverse tastes and cultural preferences of the attendees in town for the game.
As cities gear up to welcome hordes of sports enthusiasts, transportation networks and on demand transportation businesses undergo preparation to ensure seamless connectivity and efficient movement of people.
Sports events are breaking barriers and impacting economies in ways that extend far beyond the stadium. In this article, we delve into the major economic impact of sports events and how they are expected to continue to impact local economies worldwide in 2024.
The global surge in sports events
Sports events are undergoing a remarkable transformation, extending their influence and impact on a global scale. The rise of new sports teams in vibrant cities like Las Vegas, the endeavors of football teams such the New England Patriots in Germany, and the growing enthusiasm from fans for thrilling international sports like Formula 1 racing, are testaments to the worldwide phenomenon.
The ever-increasing interest and investment in women's sports have also added a new dimension to the industry. As evidenced by record-breaking attendance in 2023 for the National Women's Soccer League, Volleyball Day in Nebraska, and the Women's World Cup, women’s sports are drawing in larger audiences than ever in a trend expected to continue.
The next big thing: 3 events predicted to drive 6-figure spending
So which cities will see a Super Bowl or Taylor Swift type lift in their economy due to live events? Our data shows that three future sports events with a significant Predicted Event Spend include:
The San Antonio Stock Show & Rodeo from Thursday, February 8, 2024 through Sunday, February 25, 2024 with 1.5M attendees spending $117M+ over 18 days.
The London Marathon on Sunday, April 21, 2024 with 800k attendees driving $1M+ in local spending in a single day.
The Giro d'Italia aka the Italian Grand Tour on Monday, May 6, 2024 with 8.5M attendees who are predicted to spend an astounding $642M+ in a single day.
Local hotels, restaurants, and ground-based transportation within proximity to these events will see a noticeable surge in demand leading up to, during, and just after these events. Those who know ahead of time just how much excess spending to expect at each of their business locations on which days have the power to position themselves to tap into the massive economic boost predicted for these events.
While these are examples of major events, it’s key to get a comprehensive understanding of all of the relevant events taking place near your business and the expected spend around these events. Smaller-volume events may not have as significant of an impact on their own – but when events begin to overlap, the influx of people and spending multiplies, leading to a demand surge that would otherwise be difficult to pinpoint in advance.
Identify when and where to expect a surge in consumer spending
Sports events draw visitors from outside the area, who, in turn, stimulate the local economy by spending on accommodation, dining, transportation, and more. This synergy between sports and local businesses creates a positive feedback loop, generating sustained growth.
Predicted Event Spend serves as a precise lens through which businesses can gain insights into consumer behavior and make data-driven decisions. It reveals where and when consumer spending will peak in advance, allowing businesses to optimize inventory levels and dynamic pricing in preparation for demand surges. Businesses are also using the predictive figures to focus marketing efforts on areas with high consumer spending.
Stay ahead of market trends in 2024 and beyond
Events are a powerful economic catalyst, generating billions of dollars in spending each year. Whether it be the epic performances of Taylor Swift, or highly-contested matchups on the court or field – their influence is not limited to the venue or sports arena but extends to hotels, restaurants, transportation services, and various other sectors.
Join the ranks of leading companies using intelligent event data and predicted event spend to improve demand forecasting, thrive in the dynamic landscape of consumer demand, and capture their share of the sports-driven economic pie.
