MANCHESTER, TN -- (Marketwired) -- 05/20/13 -- Bonnaroo released the results of a recently completed economic impact study today showing that the festival and its avid patrons put more than $50 million into the local Manchester and statewide Tennessee economies last year. The study, performed by Greyhill Advisors, reports that the festival generated $36 million in direct expenditures (monies injected into the economy by Bonnaroo attendees during their travel to and from the festival) and an additional $15 million in indirect and induced economic activity (includes monies generated by increases in sales and income and jobs associated with companies that benefit from spending by attendees and by individuals who experience increased earnings as a result of the festival).
The study estimates that the economic impact on Coffee County, which becomes the 7th largest city in the state during the festival, was more than $37 million in 2012.
"Bonnaroo set out to be part of this community, and this study helps us verify that we are having a positive economic impact on the community and the state," said festival partner Rick Farman.
•In 2012, Bonnaroo organizers and attendees contributed more than $580,000 to Coffee County tax coffers. Of this total, nearly $314,000 was generated by taxes on sales, fuel and hotel occupancy •In 2012, Bonnaroo was responsible for $2.9 million in taxes benefiting the state of Tennessee. More than $2 million of that was generated by sales tax on Bonnaroo tickets and $900,000 by the activity of Bonnaroo attendees during their time in Coffee County and travels to and from the festival. •On average, Bonnaroo attendees spend $86 per day during the festival. Approximately $28 per day is spent outside Coffee County, and $35 per day is spent outside the grounds but within Coffee County.
The study underscores the impact of Bonnaroo's generosity:
•Bonnaroo's innovative revenue-sharing initiatives allow local organizations that help staff the festival's vending operations to receive a percentage of sales. In 2012, participating organizations received more than $200,000. •Coupled with contributions from the Bonnaroo Works Fund, the festival's charitable arm, local and regional non-profits added more than $330,000 to their budgets in 2012 alone.
The study also provides insights into the festival's demographic draw:
•While the festival has a well earned reputation as a youth-oriented event, members of the largest demographic segment are well beyond their college years: 40 percent are between the ages of 25-34 with 31 percent between 21 and 24. An additional 8 percent are over 35, and nearly one in four attendees earns in excess of $75K annually. •Bonnaroo attracts attendees from all 50 states with thousands of international visitors from Asia, South America, Europe and Australia.
"It's gratifying to quantify our contributions and ensure that we continue to play a positive role in our festival home," said Ashley Capps, festival partner.
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