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New York International Auto Show Impacts City's Economy
by Lauren Woods
In the auto industry, one marketing strategy is the showcasing of one's cars in a motor show. These events provide car manufacturers with a venue to unveil their new or redesigned vehicles to get them noticed by the public. And one such event is the New York International Auto Show - the largest of its kind in the United States in terms of the number of attendees.
Aside from being benefiting car manufacturers and auto enthusiasts, the event also greatly benefited the city where it is held. Recently, the organizers of last year's New York International Auto Show reported that the event generated over $181 million for the Big Apple. The amount was revealed after BBC Research and Consulting conducted a study on the impact of the event on the city's economy as commissioned by the Greater New York Automobile Dealers Association (GNYDA).
Mark Scheinberg, the president of the GNYDA, has this to say after the result of the study was revealed: "For over 106 years, the New York International Automobile Show has been a vital component of New York City's economy, and today, we're proud to announce that the 2006 event surpassed all expectations and positively impacted our city's economy more than ever." Furthermore, according to Scheinberg, more than 1,200 workers are needed to ensure that the event will be properly set.
Aside from the wages of these workers, the attendees, exhibitors, and press people adds to the revenues of the city's economy by staying on the city's hotels. "Creating a valuable marketing event for our industry and providing an economic boon for this city have always been a top priority of ours," added Scheinberg.
According to the study conducted, the direct impact of the show to the city's economy is $112 million. This amount is generated by attendees' spending money on lodging, entertainment, parking, eating and drinking, transportation, and retail by attendees and exhibitors. Since last year's event has more than 1.2 million people in attendance throughout the show, the amount they spend on the aforementioned areas is not surprising.
Aside from the $112 million direct impact that the event had on the economy of the city, indirect impact accounts to $69 million. Indirect impact pertains to show related spending which generates $620,000 for the city for every million spent by the exhibitors.
With last year's show positively affecting the city's economy because if its success, experts expect that this year's installment of the event will generate even more revenues for the city. With more and more car makers looking to showcase their automobiles at the country's largest motor show, it would seem that the Big Apple's economy will once again benefit from the event as much as a Ford engine benefits from a Ford cold air intake system.
About the Author
Given her background on cars as an auto insurance director, Lauren Woods finds the world of cars to be constantly changing.
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