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The artistic and cultural activities have not only a key cultural and social value, but also an undeniable economic impact. Indeed, it is a fact that the cultural sector represents a productive branch which is growing in importance. The cultural factor is frequently used as a key element for regional and/or economic development. In this vein, this article aims to estimate the economic impact of Salamanca 2002 as the European Capital of Culture, using the methodology provided by the impact studies in two stages: first, through estimating private spending generated by the event's cultural tourism; and second, through calculating the overall economic impact, including the private spending on cultural consumption, public spending directly related to the cultural programme, investment in new equipment and facilities, along with the estimate of the multiplying effects on the overall regional and national economies.

Cultural festivals are one of the most common representations of diversification strategies in tourist demand in cities boasting abundant historical heritage. The goal of this work is to estimate the economic value allocated by tourists and local residents to a classical music festival in the emblematic city of Santiago de Compostela (Spain). The contingent valuation method is used to ascertain whether there are any significant differences between the value declared and to study the sensitivity of the findings in a range of socio-economic variables. Finally, the problems of hypothetical bias are explored, as are the possible implications for management of pricing policies.

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