Friday, April 05, 2013
Economic Impact Study Commissioned by Newport Festivals Foundation, Inc.™
Estimates Newport Jazz and Folk Festivals; Contribute Millions to Rhode Island Economy
At the request of the Rhode Island Department of Environmental Management (DEM), Newport Festivals Foundation, Inc.™ commissioned a study designed to measure the economic impact of the 2012 Newport Folk and Jazz Festivals on the State of Rhode Island.
This study was conducted by Advantage Marketing Information, North Kingstown, RI. The results of the 19-page report concluded that in 2012:
- The Newport Jazz and Folk Festivals estimated a direct spending contribution to the State of Rhode Island of $5,089,367.00. Previous studies estimated the combined economic impact on Rhode Island at $3,710,000.00. (Impact Studies conducted by The Office of Travel, Tourism and Recreation at the University of Rhode Island: 1994 Jazz Festival - $2.11 million; 1997 Folk Festival - $1.60 million).
- 89.1% of attendees specifically came to Newport and Rhode Island for the Festivals.
- The Festivals attracted a high quality demographic and provided significant promotional exposure for the State, which augmented Rhode Island's brand.
- The Net Promoter Score®, an index that measures company loyalty, ranked the Festivals among the United States' most respected companies and brands.
"This report confirms that the Newport Jazz and Folk Festivals provide a tremendous boost to Rhode Island's tourist economy," said DEM Director Janet Coit. "The Festivals are a huge draw, attracting thousands of attendees to Fort Adams each year who impact the local economy by spending close to $5 million on lodging, food and beverages, shopping, and entertainment. The fact that almost 90 percent of the Festival goers specifically came to Newport and Rhode Island because of the Festivals underscores the importance of these venues as economic drivers for our state's economy."
"We were happy to cooperate with the DEM for this study, which provides valuable information on the financial impact of the Festivals, as well as insight into who the attendees are and where they come from," said George Wein, Producer of the Newport Jazz and Folk Festivals and CEO of Newport Festivals Foundation, Inc. "We were particularly pleased with the results of the Net Promoter Score, which ranks the Festivals alongside some of the country's most respected companies. For more than six decades, Newport has had a special place in my heart, and I am happy to know that the Festivals have a major impact on this great city and state."
According to the study, Newport Festivals Foundation produces a concert series that offers a significant positive economic impact to the State of Rhode Island. The events are extremely well received by their audiences and their experiences serve as positive promotional opportunities for the State overall.
More information and the complete results of the Economic Impact Studies are available www.dem.ri.gov or download here.