Sydney Festival Contributes $50.2m to NSW Economy
Sydney Festival today released the findings of an Access Economics survey, measuring the contribution of the 2011 Festival to the NSW economy.
The total economic contribution of the 2011 Festival is an estimated $50.2 million.
This figure represents the impact from 23,020 visitors from interstate and overseas and the economic activity contributed by residents of NSW, 16,903 of whom come from regional NSW.
The $50.2 million total economic contribution includes direct value added as a result of visitor expenditure ($25.3 million) and indirect flow-on that measures the demand for goods and services in other industries, such as hotels, restaurants and the retail sector, generated through the Festival ($24.8 million).
“The survey shows how enthusiastically Sydney Festival has been embraced by the public and its economic importance to the State,” said The Hon. George Souris, Minister for Tourism, Major Events, Hospitality and Racing and Minister for the Arts.
“The O’Farrell Government will continue its financial backing of the event and as a Board Member, I will continue to strongly support and encourage Sydney Festival and consider ways of enhancing it.”
“This is an opportunity for local people to help showcase this great event to our interstate and international visitors and to ensure that their experience of Australia is both memorable and sufficient to encourage them to visit us again sometime in the future”.
An estimated $24.6 million was spent within the City of Sydney by Festival attendees who live outside the City of Sydney LGA. Through analysis of this expenditure it can be estimated that the direct value added to the City of Sydney was $11 million.
Sydney Lord Mayor and MP Clover Moore said the survey confirms the importance of Sydney Festival to the City's economy and cultural life.
“It also demonstrates that it is continuing to achieve one of the initial goals in establishing the Festival in the late 1970s – enlivening the City during the post-Christmas summer holiday period.”
The survey was conducted across the three weeks of the 2011 Sydney Festival at both ticketed and free events. Respondents were asked about the Festival status as a major cultural event. 89% said that they would recommend that visitors come to Sydney to attend Sydney Festival events and 92% thought that the Festival enhances the reputation of Sydney as a cultural and arts destination. 64% said that attending Sydney Festival makes them more likely to attend a live arts event in the coming year.
Overall, the 2011 Sydney Festival received enthusiastic audience responses and favourable critical appraisal. The Festival reached a total audience of 646,000 in a celebration of summer, art and life engaging with audiences and artists across the city and stretching to its greater boundaries with 109 events held in 35 venues.
Sarah Wilson, Publicity Manager (02) 8248 6523 / 0405 364 643 firstname.lastname@example.org