The primary economic effect from an event is the impact on tourism measured by direct economic impact. This “first round” of expenditure by event organisers and attendees can result in direct value and employment for individuals and organisations directly involved, as well as “knock on” benefits to other individuals and organisations in the host economy, as a result of indirect and induced expenditure.
In addition to the immediate impact relating to the event, host organisations can use events to stimulate job creation beyond the boundaries of the event. Host organisations can also use events as a platform for strengthening their economy from cross-boundary trade. For example by using the enhanced skills and capabilities of the host economy to secure new inward investment or trade deals alongside, or after, the event.
Indicators relevant for these impacts recommended by OECD and ASOIF are:
- Direct employment of event (temporary/permanent jobs created)
- Indirect employment linked to event (temporary/permanent jobs created)
- % of event jobs attributed to people in target groups
- % of new jobs going to previously unemployed
- % of volunteers who developed skills through volunteering
- Event-related spending on employment, skills or education programmes
- Value of trade deals associated with the event (ASOIF reference EC-OUTCOME2)
- Value of contracts paid to local suppliers (ASOIF reference EC-OE2.1)
- Value of contracts to SMEs and social businesses
- Value of FDI (at local or national level) associated with the event
- Number of B2B meetings associated with event
The OECD has identified that these impacts contribute towards UN SDGs relating to Quality Education (Target 4.4), and Decent Work and Economic Growth (Targets 8.1, 8.3, 8.5 and 8.6).