The education has begun as to how best maximize the economic impact NGBA tournaments create. This is the first step in understanding where NGBA Next Level is heading.
Economic impact measurement has become a powerful and persuasive tool for those looking to capture and evidence the financial benefits that can result from the hosting of a major event.
Measuring economic impact not only allows public sector bodies to evaluate their economic return on investment, but it also demonstrates how events drive economic benefits - allowing event organisers develop practices which maximise these benefits.
The 'economic impact' of a major event refers to the total amount of additional expenditure generated within a defined area, as a direct consequence of staging the event. For most events, spending by visitors in the local area (and in particular on accommodation) is the biggest factor in generating economic impact; however, spending by event organisers is another important consideration. Economic Impact studies typically seek to establish the net change in a host economy - in other words, cash inflows and outflows are measured to establish the net outcome.