Utilizing trade market analysis to identify the economic impact of a multiday special event in Miami Beach, Florida

Abstract

Many events occur each year in rural and urban communities. Some of these events include sporting events and festivals (music, food/beverage, heritage, and art). Some of these events occur for 1 day, but many of these events occur multiple days and are considered “special events.” Determining the positive impact of these special events on local communities is critical to the success of the event and helps to gain local stakeholder approval and acceptance for recurring annual events. The current study surveyed attendees (locals and tourists) at a 5-day special event (festival) in Miami Beach, Florida. Locals and tourists were identified utilizing a new trade market analysis methodology, which was applied to the survey respondents and assessed as a relevant measurement tool for the unique destination. The researchers then estimated the economic impact (using noncasual tourists) to determine the value of the festival to stakeholders in Miami Beach.

The application of enduring involvement theory in the development of a success model for a craft beer and food festival

“…Craft beer festivals (and other types of festivals) are credited as beneficial to a local economy, bringing new revenue via tourist spending at local businesses (Lee et al, 2009;Beckman and Traynor, 2019). The craft brewing industry contributes $79.1 billion dollars to the US economy and aids in the creation of almost 560,000 full-time equivalent jobs in the United States (Watson, 2019).…”

The effect of Rugby World Cup 2019 on residents’ psychological well-being: a mediating role of psychological capital

“…In this research terrain, there are mainly two approaches. The first is to estimate economic impacts by calculating monetary values that could be generated by focal events (Agha & Taks, 2018;Andersson et al, 2004;Beckman & Traynor, 2019;Taks et al, 2011). The other approach is to examine economic impacts by measuring people's perceptions regarding the contributions of events to the economic situations in the host cities (e.g.…”

Identifying motivating factors among college students that influence repeat participation among special event volunteers: the moderating role of class standing

“…Local stakeholders including residents and business owners welcome food and beverage festivals as they provide entertainment and increased spending in their communities. These food and beverage-themed festivals are often viewed as destinations and tourist attractions because many tourists target these festivals as a primary purpose for their trip (Beckman and Traynor, 2019; Duran and Hamarat, 2014; Saayman and Saayman, 2004).…”