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Memphis in May Reports Record-Breaking Economic Impact
Memphis in May International Festival has released the economic impact study for the 2017 Festival prepared by Younger Associates, and found the record-setting gross revenue reported for the month also resulted in a record-setting boost to the Memphis area economy. Findings from the economic analysis show a 27% increase over last year’s economic impact of $88 million.
The 2017 Memphis in May International Festival events generated an economic impact of over $111.9 million and supported 1,079 jobs.
“The mission of Memphis in May International Festival has always been to promote and celebrate Memphis culture, foster economic growth, and enhance international awareness through education, so we are pleased to have once again delivered on our mission to positively impact the economic growth of the Memphis area,” said James L. Holt, president and CEO of Memphis in May International Festival.
The study also finds the estimated impact on City of Memphis tax revenues to be over $3 million. As noted in the study, event survey and ticket data revealed that over 94,000 of the month-long festival’s attendees came from more than fifty miles outside the greater Memphis area. This influx of visitors leads to the positive economic impact, rather than a redistribution of existing money to different industries as would happen with an all-local attendance base.
“It is widely recognized that the Memphis in May International Festival plays an important part in the culture of our City, but this study is a reminder of the significant positive economic impact it has on the hospitality and tourism industries, and on the tax coffers of Memphis and the surrounding areas,” said Kristen Wright, Senior Vice President and General Counsel of AutoZone, and 2018 Memphis in May Board Chair.
While Memphis in May annually contributes heavily to the economic health of the City of Memphis, it is important to note that the Festival receives no direct funding from the city or any taxing authority, but rather through support from corporate sponsors, generous donors, and revenue generated by admission and concession sales.
A downloadable copy of the study can be found by clicking here.
Highlights from the 2017 Memphis in May Economic Impact Study
• The 2017 Memphis in May International Festival events highlighted in the study attracted 94,417 visitors from 50 miles outside the greater Memphis area.
• The 2017 Memphis in May International Festival supported 1,079 total local jobs (direct & indirect).
• Total visitor spending created by the 2017 Memphis in May events was $51.6 million, contributing to the nearly $94 million in economic impact from consumer spending.
• Over the course of the event, the Beale Street Music Festival drew an estimated 55,917 guests from more than 50 miles outside the greater Memphis area. It is the largest event associated with the festival in terms of attendance and in size of economic impact on expenditure, earnings, and employment.
• Total spending by non-resident visitors to the 2017 Beale Street Music Festival totaled almost $31 million and created over $55 million in economic impact.
• The 2017 World Championship Barbecue Cooking Contest drew 35,556 out-of-market guests and supported 361 jobs.
• Total spending by non-resident visitors at the 2017 World Championship Barbecue Cooking Contest was estimated to be nearly $21 million with over $37 million in economic impact.
• Total attendance by non-resident visitors to 901Fest and the Great American River Run was estimated to be 2,944 with estimated visitor spending of over $196,787.
The majority of direct expenditures and earnings impact was felt in businesses providing accommodation services, but retail, food service and gas stations also had multimillion dollar spending impacts as a result of the festival.
The 2018 festival dates are:
Beale Street Music Festival: May 4-6, 2018
International Week: May 7–13, 2018
World Championship Barbecue Cooking Contest: May 16-19, 2018
Great American River Run: May 26, 2018
901Fest: May 26, 2018
About Memphis in May
Memphis in May International Festival is a not for profit, community-based organization, whose programs contribute more than $111 million annually in economic impact to the community, foster civic pride, promote awareness of Memphis heritage, and build international relationships and understanding through education. Memphis in May International Festival is the official festival of the City of Memphis, the recipient of nearly 200 prestigious Pinnacle Awards from the International Festival and Events Association, and has been named to Travel+Leisure’s international list of Festivals Worth Traveling For, with the Beale Street Music Festival included as one of the World’s Top Festivals by Fest300, and listed by Forbes as one of “5 Underrated Music Festivals You Should Attend.”
About Younger Associates
Younger Associates is a market research and economic development consulting firm established in 1990. The firm has been recognized by the Economic Development Administration, the International Economic Development Council and other professional associations for the quality of work produced. Their methodology is utilized in courses at the Economic Development Institute and recognized by the International Economic Development Council.
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