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The Economic Impact of Notting Hill Carnival Essay

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Economic impact of Notting Hill Carnival

Tutor: Dr. Debbie Sadd
Student: Yu-Ting Chen (44459459)
Unit: Event Principles and Practice
Word Count: 2,096 words

Table of Contents
Table of contents………………………………………………………………………….2
Abstract…………………………………………………………………………………….3
1. Introduction……………………………………………………………………………..3
2. Economic impact……………………………………………………………………….4
2.1 Definition of economic impact……………………………………………….4
2.2 The reason why economic impact is chosen………………………………4
2.3 Positive and negative economic impacts…………………………………...6
3. Impact of employment…………………………………………………………………..7
4. Impact of business opportunities………………………………………………………7
5. Impact of opportunity costs……………………………………………………………..8
6. …show more content…

If more money circulates within the economy, the larger the multiplier effect will be”. Therefore, the economic impacts are vital to think of in the planning of state, regional and community and economical development. They are the important factors in marketing and management decisions as well.

2.2 The reason why economic impact is chosen
Tourism plays a vital role in economic development in most countries around the world. The industry has not only direct economic impact, but also significant indirect and influential impacts. There is agreement among experts that the travel and tourism sector is the fastest growing of global economy. According to the latest UNWTO World Tourism Barometer, international tourism receipts surpass US$ 1 trillion in 2011, growing about 3.8%up from 2010 (WTO, 2012).
Each year, hundreds of thousands people descend on the streets of Notting Hill, including performers, DJs, bandleaders, traders, steelpan players and international visitors. The Notting Hill Carnival is composed of several constituents, through costumes, steel bands, mobile and static sound systems playing in the street to honour the ‘freedom to walk the streets’ (ibid). While more and more visitors crowd into the Notting Hill Carnival (see Table 1), it’s not only useful to develop its societal impact through education and the improvement policy of better racial harmony (ibid), but also promote its economic

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