A refreshed Events Calculator

We are pleased to announce that our refreshed Events Calculator is now available.

Based on user feedback, we’ve made changes that give the Events Calculator a fresh new look and make it easier to use. We have also taken this opportunity to update and improve the economic model that underpins the Events Calculator. These changes to the model mean results for the same event in the legacy and refreshed Events Calculators are not comparable. Here we explain the changes we have made and what they mean for you.

Introduction

Watch the video below for a step by step overview of the Events Calculator by Principal Consultant Rob Heyes.

→ Explore the refreshed Events Calculator

What's new?

These are some of the benefits:

The Events Calculator has a new look and feel consistent with our Regional Economic Profile and Quarterly Economic Monitor
It is easier to use, with fewer visitor types and spending categories, focusing on the categories that users say they actually use
You can now see a quick summary of the main results in the tool, which makes it easier for you to go back and revise your inputs if necessary before you generate the final output report
There is a new comparison feature which allows you to compare Return on Investment (ROI) and other results across several events
There are now two types of output reports:
- A summary report which gives you the main results at a glance
- A full report which details your inputs, results, and our methodology
Our economic impact methodology has been improved and updated

A simplified and updated methodology

Updated national input-output tables

Underpinning the Events Calculator is a model of the national economy which quantifies the flow of goods and services between industries. This model draws on national accounts input–output tables published periodically by Stats NZ. For example, if an event results in an additional $100,000 being spent in the retail sector, the input–output tables tell us which other industries will benefit because they supply goods and services to the retail sector.

The legacy Events Calculator was based on older input–output tables published by Stats NZ. The refreshed Events Calculator is based on the next iteration of input–output tables for 2020. Between 2013 and 2020 the structure of the New Zealand economy underwent significant change. For example, the whole economy grew by 26%, the hospitality industry grew by 32%, and the retail industry by 40%. These changes in the structure of the economy, are reflected in the updated input-output tables.

Updated regional input-output tables

Infometrics recalibrates the national input-output tables to reflect the structure of regional economies, using our analysis of regional economic structures. These regional input-output tables have been updated with the latest data and better reflect current economic linkages.

Updated output to employment ratios

The Events Calculator estimates the economic impact of an event in terms of Gross Domestic Product and translates this to employment effects using GDP to employment ratios. These ratios have been updated with the latest data.

Employment is now based on full-time equivalents (FTEs)

Our employment estimates are now based on full-time equivalent (FTEs) workers rather than a count of workers. FTEs are a better measure of employment impacts because part-time workers are counted less than full-time workers.

What these changes mean for you

Changes to the methodology underlying the Events Calculator mean that results from the legacy Events Calculator are not comparable with results from the refreshed Events Calculator. This difference may be an issue for you if:

You have been comparing results for the same event held regularly over time, such as an annual music festival
You have created an event that is to be held in the future (based on assumptions about visitor numbers and spending) and you want to compare the results with the actual results after the event has taken place.

Our recommendations going forward

Create any new events in the refreshed Events Calculator

We will continue to make the legacy Events Calculator available until 31 July 2024. This is only to allow clients to access results for events they have already created. If you have any events stored in the legacy Events Calculator that you want to continue to access after 31 July 2024, you can download the results into a PDF document.

If you have been comparing results for the same event held regularly over time in the legacy Events Calculator, we recommend you recreate at least one of the past events in the refreshed Events Calculator. This will give you a baseline which you can use to compare results for future events.
If you have created an event in the legacy Events Calculator that is to be held in the future, we recommend that you recreate this event in the refreshed Events Calculator and use those results as a benchmark to compare against when the event is held.

If you have any questions about the changes to the Events Calculator, including on our advice for comparing results between the legacy and the refreshed Events Calculator over time, please get in touch with us at info@infometrics.co.nz.