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dc.contributor.authorGoldblatt, Joe J.
dc.contributor.authorLee, Seung-won
dc.date.accessioned2018-06-29T20:19:51Z
dc.date.available2018-06-29T20:19:51Z
dc.date.issued2012-03
dc.identifierER2665
dc.identifier.citationGoldblatt, J. & Lee, S. (2012) The current and future impacts of the 2007-2009 economic recession on the festival and event industry, International Journal of Festival and Event Management, vol. 3, , pp. 137-148,
dc.identifier.issn1758-2954
dc.identifier.urihttp://dx.doi.org/10.1108/17582951211229690
dc.identifier.urihttps://eresearch.qmu.ac.uk/handle/20.500.12289/2665
dc.description.abstractPurpose - The purpose of this paper is to analyze and understand the impact of the global financial crisis during 2007-2009. Furthermore, the paper seeks to identiy critical impacts upon the festival and event industry as a result of this crisis and to identify strategies to help members of the industry positively advance in the future. Design/methodology/approach - Festival and event industry professionals were surveyed electronically about their business performance during the current global recession and about their potential strategies for coping in the short term and long term. Findings - It was found that about the half of respondents' profit margins decreased during the recent financial crisis. The respondents indicated that primary factors that impacted the decrease were reduced available sponsorship funding and the general effects of economic recession on all other revenue sources. The festival and event professionals expected the industry to grow and perform at a very conservative pace over the two years (2011 and 2012) following the recession. The strategies that the festival and event professionals intended to use to build successful businesses following the recession were increase marketing efforts,- work to reduce expenses overall,- and increase the use of technology-. Research limitations/implications - The findings of this study solely reflect the US festival and event industry. Practical implications - The significant contribution of this study is the analysis and understanding of the direct impact of the recent recession on the festival and event industry and also providing additional knowledge of changes being made by the industry in direct response to the economic recession of 2007-2009. Originality/value - The paper describes the first study of its kind to measure the direct impact of the global recession on the festival and event industry. The findings provide a guide to assist festival and event leaders to make better decisions to deal with both the current recession and future downturns. It also serves as a foundation to measure the performance of the festival and event industry in various economic environments.
dc.format.extent137-148
dc.publisherEmerald
dc.relation.ispartofInternational Journal of Festival and Event Management
dc.subjectUnited States Ofamerica
dc.subjectEventmanagement
dc.subjectRecession
dc.subjectFestival Management
dc.subjectEconomics, Impacts
dc.subjectTrends
dc.subjectState Of The Industry
dc.subjectEmergent Strategy
dc.titleThe current and future impacts of the 2007-2009 economic recession on the festival and event industry
dc.typearticle
dcterms.accessRightsrestricted
dc.description.facultydiv_BaM
dc.description.referencetextBlinder, A. (1987), Keynes, Lucas, and scientific progress-, American Economic Review, Vol. 77 No. 2, pp. 130-6. Garrison, R. (1989), The Austrian theory of the business cycle-, The Review of Austrian Economics, Vol. 3 No. 1, pp. 3-29. Goldblatt, J. and Supovitz, F. (1999), Dollars and Events, John Wiley & Sons, New York, NY. Hede, M.H. and Jago, L. (2005), Perceptions of the host destination as a result of attendance at a special event: a post-consumption analysis-, International Journal of Event Management Research, Vol. 1 No. 1, pp. 1-12. Hurley, L. (2011), Event planner forecast 2011-, available at: http://specialevents.com/mag/ events_forecast_5/ (accessed 12 February 2011). International Festivals and Events Association (2010), International Events, Vol. 21 No. 4, pp. 40-5. Keynes, J. (1936), The General Theory of Employment, Interest, and Money, Macmillan, London. Kim, K. and Uysal, M. (2003), Perceived socio-economic impacts of festivals and events among organizers-, Journal of Hospitality and Leisure Marketing, Vol. 10 Nos 3-4, pp. 159-71. Kim, S.S. and Morrison, A.M. (2005), Change of images of South Korea among foreign tourists after the 2002 FIFA World Cup-, Tourism Management, Vol. 26 No. 2, pp. 233-47. Krugman, P. (1998), The hangover theory-, available at: www.slate.com/id/9593/ (accessed July 3, 2011). Lee, C.K. and Taylor, T. (2005), Critical reflections on the economic impact assessment of a mega-event: the case of 2002 FIFA World Cup-, Tourism Management, Vol. 26 No. 4, pp. 595-603. Lee, S. and Goldblatt, J. (2001), An exploratory study of the potential impacts from changes in the US economy in the event management industry-, unpublished thesis, George Washington University, Washington, DC. Mattick, P. (1981), Economic Crisis and Crisis Theory, Merlin Press, London. National Bureau of Economic Research (2011), available at: www.nber.org (accessed 12 February 2011). Pine, R., Chan, A. and Leung, P. (1998), The current and future impact of Asia's economic downturn on the region's hospitality industry-, International Journal of Contemporary Hospitality Management, Vol. 10 No. 7, pp. 252-6. Wall Street Journal (2010), Economic report-, Wall Street Journal, available at: www.marketwatch. com/story/us-recession-ended-june-2009-nber-says-2010-09-20 (accessed 10 April 2011).
dc.description.volume3
dc.description.ispublishedpub
dc.description.eprintid2665
rioxxterms.typearticle
qmu.authorGoldblatt, Joe J.
dc.description.statuspub
dc.description.number2


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