The Super Bowl is a big sporting event that’s captivating the attention of advertisers and consumers, but it’s not the biggest impact event for local businesses this month, according to PredictHQ’s Predicted Event Spend, a new tool that identifies the spending potential of local businesses. the events.
The new tool has revealed that the biggest NFL game of the year is only the fifth highest impact for local businesses in February and that it will generate $123.7 million for local businesses.
In a statement from PredictHQ, the demand intelligence and services company, it is noted that most economic impact calculations focus on a wide range of factors, including taxes, wages and, in the case of sports games, , advertising revenue and more.
The firm says those metrics don’t help local coffee or burger shops know how much extra staff and inventory they’ll need, nor do they help local transportation providers and hotel groups know how to price and plan accordingly. And that is when the Predicted Event Spend comes in to cover this need.
The Predicted Event Spend tool uses algorithms to identify the amount of additional business an event will generate for nearby lodging, transportation, and restaurants. PredictHQ CEO Campbell Brown explains that the tool was requested by their customers, including major quick-service restaurants, ride-sharing companies, and hotel groups.
“Whether you’re a major global coffee chain or a family-owned pizzeria, you not only need to know upcoming events, but also the context around their potential impact to ensure you’re ready to make the most of it: keep lines short and a large experience for customers,” says Mr. Brown. “Very few events come close to the Super Bowl, but it is only the fifth most lucrative for local businesses close to every event in the US this month.”
According to PredictHQ, the 5 largest events by economic impact for local businesses in February 2023, are:
1. New York Fashion Week, which will generate $331,150,000. This includes $233.6 million for housing; $18.9 million for transportation and $79.5 for restaurants.
2. New Orleans Mardi Gras, which will generate $155,430,800. This includes $69.6 million for housing; $24.7 million for transportation and $60.9 million for restaurants.
3. Fort Worth Stock Show & Rodeo, which will generate $142,137,000. This includes $52 million for housing; $21.8 million for transportation and $68.1 million for restaurants.
4. San Antonio Stock Show & Rodeo, which will generate $134,065,000. This includes $52.4 million for housing; $20.9 million for transportation and $61.6 million for restaurants.
5. Super Bowl weekend (all Super Bowl events in Phoenix from February 9-12), which will generate $123,780,000. This includes $78.5 million for housing; $12.8 million for transportation and $34.8 million for restaurants.
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