More than 12,000 impactful events occurring in March 2022 will generate around $5 billion in economic spending for transport, accommodation and retail businesses according to new analysis from demand intelligence company PredictHQ.
As companies grapple with changing demand patterns due to the pandemic, and an inflation crisis driving costs up and consumer confidence down, tracking impactful events and optimizing for their impact is one of the few crucial resources companies can rely on to plan with confidence. Companies including Uber, Domino’s Pizza, Accor Hotels and Walgreens use PredictHQ’s event data for more accurate forecasts.
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The economic spend total for March 2022 was calculated using average spend for airfare, rideshare/ground transport, accommodation per city and meal spend per day. Applying this to the predicted attendance of the 12,000+ events in March, the company’s economic spend impact model calculated the indicative spending for each event, which totaled a national summary of $4.9 billion worth of economic spending from these events made up of:
- Total Hotel spend:Â $1.8 billion
- Total transportation spend:Â $1.1 billion
- Total food/meal spend:Â $2 billion
“Now more than ever, companies need to be real-world aware. Knowing about impactful events in advance enables them to make sure they have the right volume of staff and inventory at the stores that will be impacted,” PredictHQ CEO and Cofounder Campbell Brown said. “Especially given high fuel prices, more accurate inventory management with fewer last-minute restocks, and more confident and reliable staffing is important for companies and workers.”
PredictHQ tracks 19 categories of events, all of which impact demand for it customers. This analysis is focused on attended events such as sports, conferences, expos, concerts, festivals, performing arts and community events. It does not include the general impact of spring break, which is substantial.
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The event-driven spending is up substantially since the last time PredictHQ calculated a US-wide, monthly total in June 2021, when it was $1.6 billion. This growth is due to a strong return of large events.
“The pandemic accelerated the digital transformation of businesses radically,” Mr. Brown said. “It’s driven a shift by many businesses to more data-driven and dynamic demand forecasting and planning, which is standing them in good stead during these uncertain times. Enabling companies to identify rich pockets of demand, as well as opportunities for efficiencies, is why PredictHQ exists.”
