Destinations International, the International Association of Venue Managers (IAVM) and Tourism Economics have announced the launch of the Local and Public Events Module of its Event Impact Calculator (EIC). The new tool is designed to provide destination organisations with a way to quantify the economic value of all events occurring at a convention centre.
The EIC is currently used by nearly 300 destinations around the world and the Local and Public Events Module is the fourth module to be developed for the EIC. It brings in four new event types including consumer and public, food and beverage, community, and testing and education events.
“The Event Impact Calculator has empowered destination organisations to quantify the value events bring to a destination which proves the case for ongoing development of the meetings and events sector,” said Don Welsh, President and CEO of Destinations International. “Thanks to the partnership of IAVM and Tourism Economics, convention centres and CVBs can join together to communicate the importance events bring to a destination as a synchronised voice.”
Traditionally, convention and visitor bureaus (CVBs) have calculated the impact of citywide conventions held at a city’s convention centre, but other events held at the convention centre have been calculated using other methodologies. The Local and Public Events Module, its sponsors claim, now enables CVBs and convention centres to collaborate and report economic impacts utilising the same platform.
Brad Mayne (pictured), President and CEO of IAVM, said: “The module gives our convention centres a quality economic reporting system that aligns with the destination reports to community shareholders. I want to thank the City Pairs Task Force, made up of venue and destination executives strengthening the industry through co-operative efforts in each of our destinations, for their focus and commitment to bringing the module to our collective members.”
“With the launch of the Local and Public Events Module, the EIC is now capable of measuring the economic value of virtually any event hosted by a destination,” claimed Adam Sacks, President of Tourism Economics. “These measurements are a vital part of understanding the value of CVBs and convention centres alike.”
New features for this module include the ability to use floor space to calculate organiser and exhibitor spending, aggregate spending for organisers and exhibitors, and breakout of event spending to local and visiting attendees. The new module’s event report also adds a total spend perspective in addition to the traditional net ‘new’ spending.