Electric Daisy Carnival N.Y. 2015 Generates $43.6 Million For Local Economy
May 13, 2016 at 12:30 PM (PT)
INSOMNIAC’s 2015 ELECTRIC DAISY CARNIVAL NEW YORK, held last year at METLIFE STADIUM over MEMORIAL DAY WEEKEND, attracted 100,000 fans and generated approximately $43.6 million for the local NEW JERSEY/NEW YORK economy, according to an economic impact report released today by BEACON ECONOMICS, LLC. The news of the impressive fiscal impact, up nearly $10 million from 2014, comes just as EDC NEW YORK returns to the metropolitan area for its fifth annual edition at CITI FIELD, SATURDAY, MAY 14th and SUNDAY, MAY 15th.
The comprehensive data study revealed that festival attendee spending accounted for an economic output of $24.3 million, while festivalgoers’ direct spending totaled $18.1 million— nearly a 50% increase from 2014. In addition, the festival created an estimated $3.5 million in tax revenue for state and local government, the equivalent of supporting 811 after school programs. Insomniac’s economic output equaled $19.3 million with direct spending marked at $10.7 million.
Nearly 37% of EDC NEW YORK attendees traveled from outside the metropolitan area just for the event, accounting for an estimated 24,100 hotel room nights alone, generating $3 million in accommodations. Local residents and visitors from across the globe enjoyed $8.5 million in food and beverage during their stay, equivalent of 421,670 pastrami sandwiches from local favorite, KATZ'S DELICATESSEN.
A total of $2.8 million was spent on transportation in the surrounding areas, including 504,270 round-trip PATH rides from HOBOKEN to MANHATTAN. Many festivalgoers also enjoyed the metropolitan area’s attractions during their stay, generating $4 million in entertainment and retail spending. BEACON ENTERPRISES used data provided by tens of thousands of attendees via a comprehensive survey and input issued by Insomniac.
In addition to EDC NEW YORK’s economic impact on the NEW YORK/NEW JERSEY economy, INSOMNIAC’s charitable giving program, INSOMNIAC CARES, donates $1 per ticket transaction and $10 per guest list attendee to charitable organizations in the local communities where its festivals are held. This year, INSOMNIAC is partnering with HORIZONS NATIONAL, a non-profit organization dedicated to providing local summer enrichment learning programs for over 4,000 low income students every summer across the U.S. The donation will go toward improving and expanding HORIZONS’ arts program.
For tickets and updated festival information, visit NewYork.ElectricDaisyCarnival.com.