Have you ever thought about the economic impact of art?
If you follow this blog you know that i love to read, and i am always trying to improve my insight into the business of Art. Recently i read an amazing article that stunned me about the economic impact of Art on our economy. But my first question is this – Have you ever thought about how art fairs and art focused business impact the local economy, and beyond?
Economics reminds us that supply does not always equal demand…. but when there is a demand for what artists create the local economy benefits. Art and handcrafted quality items are in demand, and when presented in Art Fairs there is an economic benefit for all involved.
According to the organization Americans for the Arts, 4.3% of America’s Gross Domestic Product (GDP) is derived from the arts. (Oddly, according to the US Government, this percent is higher than that of tourism and agra-tourism.) While it may seem small, that is a significant niche of the US economy.
At a recent event known as the American Handmade Summit more discussion occurred about the economics of Art Fairs:
How do arts events affect communities positively?
– They draw travelers into the area, where they spend money
– Money is kept in the local community
– People who come to these events get an authentic cultural experience
– Cultural tourists tend to stay longer in the area
In a survey taken of those who came to art events, local attendees averaged $17.42 in event-related spending over and above the cost of the event. Non-local attendees averaged a whopping $39.96 in additional spending.
Those non-local tourists stated that the arts event was the primary purpose for their trip. And, a majority of local attendees said they would travel elsewhere to attend arts events, outside of their county.
So whether you are an artist, an art fair planner, a tourist or a local art patron, know that your work has an impact on the greater good and health of the economy.