WNBA All-Star drives $1.07M+ in spending for Phoenix businesses
WNBA All-Star game drives economic slam dunk of $1.07M+ for Phoenix
The WNBA All-Star Game, held in Phoenix on July 20th, shattered attendance records and proved to be a goldmine for local businesses. 16,407 fans flocked to the Footprint Center, injecting a staggering $1.07M into the Phoenix economy. This star-studded event serves as a powerful case study for the economic impact of events, including major sporting events and the critical role they? play in demand forecasting. Let's dive into the numbers to see how Phoenix businesses were impacted.?
How the WNBA All-Star Game impacted local businesses
The influx of more than 16,000 fans into Phoenix resulted in considerable direct spending across key sectors. Hotels saw a significant uptick in bookings, restaurants and bars experienced a surge in patronage, and local transportation providers saw increased demand. Here’s a breakdown of the spending by industry:
Many major events impact local businesses before they begin and after they end, making their impact harder to track. Not only can you track upcoming events with PredictHQ but our? Demand Impact Patterns feature can also be used to improve demand forecasting accuracy by revealing how your business is impacted by events before, during, and after they take place. Here’s how the WNBA All Star Game impacted Phoenix accommodation providers, which shows an increase in event attendance beginning? Friday, July 18 and dropping off on Sunday, July 21:
For the retail industry, the All Star Game corresponded with an uptick in event attendance beginning on Thursday, July 18 which began to taper off on Sunday, July 21:
The retail sector's wider span of increased demand compared to accommodation can be attributed to pre-event shopping, post-event purchases, broader appeal to both locals and visitors and event-related promotions. In contrast, accommodation demand may actually also span longer but is less noticeable due to smaller increases, capacity limits, advance bookings spread over time, longer guest stays, and the daily data not capturing subtle trends, so the accommodation Demand Impact Pattern only focused on the days around the events.
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These figures highlight more than just impressive attendance, people movement, and spending — they underscore the critical role of predictive demand intelligence in enabling businesses to forecast and capitalize on event-driven demand.?
Enhancing demand forecasting with predictive demand intelligence
Imagine knowing in advance when a surge of customers will flood your business. With PredictHQ's data of over 30,000 events across 19 categories worldwide, you can do just that. Our Platform aggregates data from hundreds of public and proprietary sources to provide the most enriched and trustworthy event information, built on 8+ years of historical and 2 years of future event data. Make smarter business decisions fueled by accurate predictions into event times, attendance, spend, geographic impact and more. Our data scientists have built 1,000+ machine learning models to ensure precision predictability. By understanding the impact of upcoming events, business across industries have the insights needed to:
Predictive demand intelligence uses advanced ML models to forecast the impact of events. With unique, contextual data feeding your forecasting, you can align your operations with the ebb and flow of customer activity and ensure your operation is agile enough to adjust to demand volatility at scale.?
Capitalizing on the economic potential of major events
The WNBA All-Star Game's record-setting attendance is a great example of the impact major sports events have on local communities – but this is just one event. Cities like Phoenix host events daily, each influencing spending to varying degrees. Overlapping events, including smaller ones, can create demand surges that businesses might overlook without the right data. For example, a hotel chain in greater London was hit by a demand surge created by five events happening within a 2 mile radius, boosting their RevPar by 35% over three days.
Companies like Instacart and ParkMobile integrate PredictHQ’s data and intelligence into their forecasting to take external factors into account, enabling them to predict and plan for event-driven fluctuations in demand. PredictHQ’s AI-powered platform is paving the way for businesses of all sizes to proactively seize opportunities and improve their forecasting.?
Join the ranks of leading companies who have already harnessed the power of predictive demand intelligence to drive success and achieve sustainable growth in today's dynamic marketplace. Book a demo today to learn how to master demand forecasting and take control of demand volatility with PredictHQ.