Room rates in Park City during the Sundance Film Festival are typically among the highest of the year.
The restaurant is crowded. Additionally, taxis, shuttle buses, and ride-sharing companies are active until late at night.
The festival has long been known to be one of the most lucrative events on Park City’s calendar.
The economics of the region’s largest special event will once again be in the spotlight as Sundance begins the process of potentially leaving the festival from Park City, where it has been held since the 1980s.
If Sundance and Park City leaders ultimately reach a new agreement to keep the festival as a longtime venue, financial implications will factor into negotiations. But if Sundance moves the festival elsewhere, Park City officials and the tourism industry are trying to generate economic activity during the time Sundance attendees would normally be in Park City. , that number may attract attention.
Sundance commissions an economic report detailing spending during the festival, which shows that certain industries generate impressive numbers each year. The report, which looks at the 2023 festival (the first in-person event in three years after the pandemic forced many to move online), shows that total spending between Utahns and out-of-state visitors will be 1. It is shown that the total amount reached just under $25.6 million.
People from out of state accounted for the bulk of the spending. Much of the spending during Sundance is expected to occur in the Park City neighborhood, providing a boost across the income spectrum.
The numbers include:
• Accommodation costs $33.7 million
• $34.8 million for recreation and entertainment.
• Meals $32.5 million
• $13.9 million for unspecified transportation.
• $7.9 million in unspecified types of purchases.
• Rental car cost $2.8 million
The report found that people from out of state typically spend $4,517 while attending Sundance and $783 per day attending the festival. Utahns who don’t normally pay for lodging paid a total of $437 at Sundance, or $199 per day.
The number of admissions in 2023 was estimated at 86,824. Three-quarters of the festival attendees were from Utah. Among non-Utahs, Californians made up the largest percentage of his respondents at 35.4%, followed by New Yorkers.
“Spending during the Sundance Film Festival generates many positive economic benefits. Tourism-related industries are the beneficiaries of spending that would otherwise not become part of the state’s economy and flows into the state. “The spending will trigger additional spending as businesses hire additional workers, increase production capacity, and purchase goods needed to accommodate additional visitors,” the Y2 Analytics report said. Masu.
If Sundance moves its festival from Park City, it will likely take a financial hit. The festival is traditionally held during a post-holiday lull for the ski industry, with the high-spending crowds at Sundance in late January waiting for the core weeks of the season in February and March for the tourism industry. revitalize.
Park City and tourism officials could try to attract or create another special event to be held during Sundance if the festival moves, but it could take time to take hold. be. And even under that scenario, the new event might not be as financially formidable as Sundance, the top market for U.S. independent film and held among the elite of the international circuit.
Additionally, the lodging industry is not expected to be as tight as it was during Sundance, so if the festival were to be relocated, there could be a move to attract more skiers to Park City during Sundance. be.