Sydney Festival contributes $56.8m to NSW economy
Sydney Festival today released the findings of a Deloitte Access Economics survey measuring the contribution of the 2012 Festival to the NSW economy.
Despite one of the wettest Januarys on record, the total economic contribution of the 2012 Festival is an estimated $56.8 million. This is a 13% increase on $50.2 million in 2011.
This figure represents the impact from an estimated 35,664 unique visitors from interstate and overseas, in addition to the economic activity contributed by residents of NSW, 24,836 of whom come from regional NSW.
The $56.8 million total economic contribution includes direct value added as a result of visitor expenditure ($31.9 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 ($24.9 million).
“The survey shows how enthusiastically Sydney Festival has been embraced by the public and its economic and cultural importance to the State,” said Minister for Tourism, Major Events, Hospitality and Racing and Minister for the Arts, George Souris.
“This great event is an opportunity for us to help showcase Sydney to our interstate and international visitors and ensure that their experience of Australia is both memorable and sufficient to encourage them to visit us again sometime in the future.”
Sydney Lord Mayor Clover Moore MP, and Chair of the Festival Board, said the survey confirmed the hard economic value of supporting Sydney’s creative life.
“Our $1.6 million investment contributed to the Sydney Festival’s terrific buzz in January, and helped give the city’s hotel, restaurant and retail sector a $24.9 million boost,” the Lord Mayor said.
The survey was conducted across the three weeks of the 2012 Sydney Festival at both ticketed and free events.
Overall, the 2012 Sydney Festival, Lindy Hume’s third and final Festival as Director, received enthusiastic audience responses and high critical appraisal. The Festival sold more than 125,000 tickets, with an average ticket price of less than $50, across 399 performances of 122 events, including 11 world premieres, 15 Australian exclusives and 14 Australian premieres. Together with the free events, there were more than 580,000 attendances in a celebration of summer, art and life engaging with audiences and artists across the city and stretching to its greater boundaries.