Several studies have addressed the effects of events on the territory, but the evaluation of the economic impact of cultural events, especially in the Italian context, has not received the same attention. Cultural events are of major importance for cities as they have the potential to contribute directly or indirectly (e.g., through the formation of residents’ and visitors’ cognitive and affective images of a city) to their well-being. However, the economic effects are often overlooked as they are not immediately visible. There is the need to make those impacts visible through their estimation, setting the premises for increased accountability.
The aim of this research is to assess the net direct economic impact of Tocatì – International Festival of Games in the Streets, that takes place each year in Verona, Northeast Italy, since 2003. Tocatì can be considered a successful cultural event among the audience and the press. The quantification of positive economic externalities of an event is a useful tool for event’s organizers but also for event’s sponsors and patronages, since it can help the optimization of investments, mainly public resources in this case. An appropriate assessment of economic impacts can therefore contribute to the overall sustainability of the event in the long run.
The research will be conducted through interviews and surveys to identify Tocatì organizers’ and visitors’ expenditures that are directly related to the presence of the Festival, in order to estimate the net direct economic impact of the event on the territory that hosts it.
Results will advance scientific knowledge on impact studies, providing relevant contributions and developing a replicable method to assess the economic impact of cultural events. Practical implications for policy makers, events’ sponsors and patronages could be derived too, supporting a more effective allocation of public resources in event planning and realization for tourism and non-tourism purposes.
The project has been financed under the Call Joint Projects 2017 of the University of Verona