This paper assesses the economic impact of a cultural event on a local economy. The event analysed is the Umbria Jazz music festival, which is held annually in July in the city of Perugia in Italy. The relevance of this case study concerns the methodological problems involved in estimating the number of visitors attracted by an event characterized by numerous free concerts. In addition, through the choice of the components of expenditure and the impact analysis model, the proposed approach represents an advanced synthesis of the paths which have been developing in the literature.

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The first objective of this article is to describe a methodological approach for the assessment of the economic effects of cultural and entertainment events on a local economy. Through choosing the components of the expenditure and the impact analysis model, the proposed approach represents an advanced synthesis of the path developed in the literature. The second objective of this case study is to offer the policy makers useful information for public policies. The Pintoricchio Exhibition, held in Perugia, Italy, from February 2 to August 31, 2008, is the event analyzed.

This paper contributes to the development of a relatively homogeneous, standardized methodology for the measurement of the impact of festivals and events on tourism. Such a methodology will be of benefit when private and public policy makers carry out comparative analyses to determine whether or not to support an event. The study assesses whether the Eurochocolate festival, held every October in Perugia, Italy, contributes to the development of local tourism, thereby enhancing economic growth in the city. A trend analysis was undertaken, based on data relating to arrivals and presences over a period of several years, the application of a statistical regression model dealing with arrivals, and the results of a visitor survey. The authors conclude that, while the event is privately owned with most profits going to the organizing firm, it also generates considerable benefits for the local economy. It brings almost 8,000 additional national tourist arrivals in the city, as well as 66,000 day-trippers from outside the Umbria region.