Mardi Gras just keeps getting bigger and bigger
ERIKA GOLDRING/Getty Images
- The economic impact of the 2023 Mardi Gras celebration was $891 million, according to a new study.
- That is nearly double the amount estimated for 2014's Mardi Gras.
- Mardi Gras's economic impact on New Orleans rivals that of last year's biggest sporting events.
Mardi Gras kicks off on February 13, and the money it's expected to bring to the New Orleans area is close to what some of the biggest sports events funneled into host cities last year.
According to a study by Tulane economics professor Toni L. Weiss published in January, the economic impact of the 2023 Mardi Gras celebration was $891 million. That is nearly double the amount Weiss estimated for 2014's Mardi Gras, $465 million, which was the last time she conducted the study.
Weiss attributes this change to the growth of Mardi Gras between 2014 and the onset of the COVID-19 pandemic and believes the event will resume its expansion. As more people flocked to the area, more events were created.
"The economic impact of Mardi Gras continued to grow as the local and national economy was expanding," Weiss told Business Insider. "Parades grew in number and length, and more celebrants came to New Orleans during the Mardi Gras season."
The full economic impact of Mardi Gras also extends to the local krewes — the social organizations that stage the parades — who spend all year putting time and money into preparing for the nearly 40 parades and other events, Weiss said.
The estimated economic impact of last year's Mardi Gras is also $411 million more than the city's last Super Bowl in 2013, which brought in $480 million, according to the University of New Orleans.
Mardi Gras's economic impact on New Orleans is starting to rival that of last year's biggest sporting events in the US. For example, the 2023 Super Bowl in Glendale, Arizona, was estimated to be worth $1.3 billion to the local economy. What's more, the Las Vegas Grand Prix Formula 1 race in November 2023 was also projected to have a $1.3 billion economic impact on the region.
ERIKA GOLDRING/Getty Images
The economic impact is bigger than just 2 weeks
Weiss believes the estimates in her study are lower than the real economic impact because tourists flock to the city throughout the year for the lore of Mardi Gras.
"When looking at the brand value, tourists come to New Orleans throughout the year because of the aura, mystic, etc., of Mardi Gras," Weiss said. "You can see that when you see non-locals walking around with Mardi Gras beads in July. Visitors are drawn
to New Orleans even in the offseason, captivated by the Mardi Gras legacy."
Additionally, business conventions that come to the city throughout the year still want the Mardi Gras experience and add to the city's financial boost by putting on mini Mardi Gras events, Weiss said.
ERIKA GOLDRING/Getty Images
According to a small 2023 Tulane University survey cited in Weiss's study, only 14% of 297 respondents celebrating the event were from the New Orleans area. Tourists from another state represented 62% of those surveyed, and 2% were from another country.
Additionally, out-of-town visitors are believed to have spent more than $140 million during Mardi Gras, including $84 million on lodging.
The study concluded that the city of New Orleans brought in $2.64 for every $1 invested in the festival, including more than $18 million in taxes related to Mardi Gras spending.
from Business Insider https://ift.tt/Rb375LC
No comments