Lucerne Festival adds huge value
Lucerne - The Lucerne Festival generates around 45 to 50 million Swiss francs for the Lucerne region each year. It also has a significant social benefit and contributes to cultural development. These are findings from an impact study commissioned by the Lucerne Festival.
The Lucerne Festival generates an annual economic output of around 45 to 50 million francs for the Lucerne region, creating around 230 to 270 jobs in the process, as the Lucerne Festival highlighted in a press release. The organizers of the Swiss classical music festival draw this information from an impact study conducted by an international consulting firm. It shows that the Lucerne Festival engenders significant social benefits that contribute to the cultural and economic development of the region.
The value generated consists of initial expenditure by the Festival and other expenditure within the region by visitors and artists. The annual revenue of the Festival is around 18 million francs, with ticket sales providing around 44 percent and revenue from sponsors, foundations and private patrons making up another 47 percent. Around 27 to 30 million francs is accounted for by the amount visitors spend, on hotel accommodation, for example. The study also showed that visitors are more willing to consume and stay longer in the region than regular tourists. Festival visitors typically spend 2.3 times as much as regular tourists and stay on average four nights instead of two.
A total of 83 percent of the Festival’s operating expenditure remains directly in the Lucerne region. In addition to economic output, the study emphasizes the diverse social benefits of the Festival, which “are clearly shown in its effects on networking, expertise, structural enhancement, and public image”.
