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Joint Meetings Industry Council Conference on the Value of Meetings Advanced Value Measurement

Joint Meetings Industry Council Conference on the Value of Meetings Advanced Value Measurement. 1) Destination promotion / an engine of Economic Development 2) DestinationNEXT 3) Economic Impact Calculator. The DMAI Event Impact Calculator: Global Development. About Tourism Economics.

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Joint Meetings Industry Council Conference on the Value of Meetings Advanced Value Measurement

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  1. Joint Meetings Industry Council Conference on the Value of Meetings Advanced Value Measurement

  2. 1) Destination promotion / an engine of Economic Development2) DestinationNEXT3) Economic Impact Calculator

  3. The DMAI Event Impact Calculator: Global Development

  4. About Tourism Economics

  5. A world leader in quantitative economics & business research Our international reputation was built on: • The quality of our staff. 80 economists from leading organizations across our offices in Europe , US and Asia • A rigorous quantitative approach, based on our leading models • Our ability to address questions in consulting studies Founded 30 years ago as a private consultancy within Oxford University

  6. Independent economic advisory Forecasts l briefs data Quarterly scenarios, Commodities, Investment, Trade flows, Talent, Tourism Models l forecasting scenario risk Global macro model Global industry model Consulting l Business Research l Out-sourced economic analysis Impact studies Thought leadership Market sizing

  7. Tourism Economics: real world solutions Travel data and forecasts for 190 countries and 300 cities Policy analysis and recommendations Market opportunity and scenario analysis Destination economic impact

  8. Global client base in travel & tourism Associations Caribbean Tourism Org. European Travel Commission Pacific Asia Travel Assoc. US Travel Association DMAI IAAPA WTTC UN World Tourism Org. Destinations Arizona Office of Tourism Bahamas Ministry of Tourism Brand USA Visit California Canadian Tourism Commission Dubai Tourism Georgia Tourism Saudi Arabia (SCT) Discover Los Angeles NYC & Company Ontario Ministry of Tourism Visit Orlando PromPeru San Diego CVB Tourism Ireland Visit Britain Visit Denmark Visit Florida Visit Switzerland Corporations Boeing Fairmont Raffles Google InterContinental Hotels Accor MasterCard Theme Parks TUI Visa • Tourism Economics serves over 200 clients worldwide • …every year

  9. The DMAI Event Impact Calculator

  10. Overview • The Event Impact Calculator provides localized metrics on the value of events to make the case for the ongoing development of the meetings and sports events sectors. • Over 150 destination users in US, Switzerland, and Poland • The online tool is designed to be easy to use and flexible. Basic parameters of an event are translated into a full economic impact analysis including: • Business sales by industry and source • Impacts of sales on jobs, wages, and local taxes • ROI of the event against hosting costs and incentives • A report is then generated for the event that can be saved or printed • Users can save, recall, or aggregate events

  11. Event types • Conventions • Trade Shows • Business Meetings • Sports • Youth Amateur • Adult Amateur • College (regular season) • College (championships) • Professional

  12. Development approach DMOs/CVBs subscribe to a city-specific calculator through DMAI City models are unique • Average spending per participant • Employment and income multipliers • Tax rates Country model involves a one-time development by Tourism Economics using national averages

  13. Underlying data requirements Direct Country… …Total City Impact

  14. Our country coverage accounts for 99% of world business Countries covered

  15. City tourism coverage 93 cities are covered in Europe with detail on visitors on spending in the Global City Travel service. This enables Tourism Economics to estimate average spending based on average visitor spending and costs of doing business in individual cities

  16. Logging In to EIC • The Event Impact Calculator is accessed online • Enter your account name and password in the appropriate boxes on the EIC home page.

  17. The Event Parameters screen

  18. The Hosting Costs screen (optional) • The ‘Hosting Costs’ is where the user may enter in any and all costs born by the DMO or city in question. • While not necessary to calculate the economic value of an event, hosting costs are necessary to be able to calculate an event ROI.

  19. The impact report (page 1)

  20. The impact report (page 2)

  21. Exporting multiple events to a single file • At the ‘Saved Calculations’ page, an event, or group of events, may be exported by using the ‘Export Selected Calculations’ button. ExportSelectedCalculations PreviousCalculations

  22. Tourism Economics 303 W Lancaster Ave. Suite 2EWayne, PA 19087 USAPhone: +1.610.995.9600Email: info@tourismeconomics.comhttp://www.tourismeconomics.com Destination Marketing Association International2025 M Street NW, Suite 500 Washington, DC 20036 Tel: +1.202.296.7888 Email: info@destinationmarketing.org http://www.destinationmarketing.org

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