The rhythm of success continues for Peterborough Musicfest as the latest Economic Impact Assessment strikes a high note, revealing the festival’s unparalleled contributions to the local and provincial economies. The latest Economic Impact Assessment is in, showcasing the festival’s impressive impact which has been evaluated at an incredible $4.3 million.
In the words of Tracey Randall, General Manager of Peterborough Musicfest: “This survey confirms what we’ve always known – music has the power to transform communities and economies alike. We’re thrilled to see the impact our festival has on Peterborough and beyond, and we’re grateful for the support that made this assessment possible.”
“Arts and culture experiences like Peterborough Musicfest are an enticing draw for visitors and locals alike,” said Joe Rees, Director of Tourism with Peterborough & the Kawarthas Economic Development “Musicfest’s twice-weekly summer concert series are a favourite for locals and cottagers, and also bring people to experience our communities for the first time – enjoying other attractions, accommodations, dining, and recreation while they are here and generating significant economic impact for local businesses.”
Let’s break it down in a way that’ll have you tapping your feet:
According to the assessment findings, aggregate visitor spending during the festival reached over $1.76 million, with expenditures distributed across various sectors as follows:
- Accommodations: $116,622
- Restaurants: $604,284
- Other Food / Groceries: $233,696
- Recreation & Entertainment: $173,844
- Retail / Shopping: $306,439
- Transportation: $31,392
- Vehicle Expenses: $297,137
This spending breakdown reflects the diverse economic activity generated by festival attendees, with accommodations and restaurants leading the expenditure categories at 18.8% and 29.8%, respectively.
Furthermore, the combined spending of out-of-town attendees, participants, VIPs, and other visitors, along with the expenditures made by the event organizers, totalled over $2.34 million. This infusion of funds supported a total economic activity of over $4.3 million.
Job creation is another key chord struck by the festival, with nearly $1.2 million in wages and salaries supported by the economic activity generated by Peterborough Musicfest.
But it’s not just about the numbers – it’s about the people. Moreover, the festival’s demographic and attendance characteristics reveal its broad appeal and significant influence on visitation to Peterborough:
- 64% of attendees stated the festival was the sole reason for their visit to Peterborough
- 69% of out-of-town attendees made day-trips to Peterborough for performances
- 98% of respondents would recommend Peterborough as a great place to visit
- 99% of respondents emphasized the importance of the festival’s annual occurrence
But here’s an even more impressive stat: 85% of respondents expressed a preference for purchasing from a Musicfest sponsor over a non-sponsor. This speaks volumes about the loyalty and engagement fostered by our festival’s community-driven initiatives.
It’s important to note that Peterborough Musicfest, Canada’s longest running free music festival, is a Not For Profit organization that relies on sponsorships, government funding, and donations to continue operating. Without the support of our generous sponsors and partners, events like Peterborough Musicfest wouldn’t be possible. They play a vital role in bringing our community together and fuelling the economic engine that drives our city.
This Economic Impact Assessment was made possible thanks to the generous support of a Community Futures Peterborough grant and Peterborough & the Kawarthas Economic Development.
To wrap it all up, the latest Economic Impact Assessment underscores Peterborough Musicfest’s vital role in driving economic growth, promoting tourism, and enhancing the cultural vibrancy of the Peterborough region.
