- Average Spend Per Visitor: “Downtown Thursday” is an evening event, likely involving food, beverages, and some local retail. We’ll use an estimated average spend of $45 per visitor per event.
- Economic Multiplier: A conservative economic multiplier for a local, single-day event is typically around 1.5x. This accounts for the direct spending and the re-circulation of money within the local economy.
Economic Impact Calculation for Each Year:
- June 1, 2023:
- Direct Spending = 2963 visits * $45/visit = $133,335
- Total Estimated Economic Impact = $133,335 * 1.5 = $200,002.50
- June 6, 2024:
- Direct Spending = 3284 visits * $45/visit = $147,780
- Total Estimated Economic Impact = $147,780 * 1.5 = $221,670
- June 5, 2025 (Projected):
- Direct Spending = 4477 visits * $45/visit = $201,465
- Total Estimated Economic Impact = $201,465 * 1.5 = $302,197.50
Analysis and Trends:
The data clearly indicates a strong and consistent growth in visitor numbers for Owatonna’s “Downtown Thursday” event over the last three years in June, leading to a significant increase in estimated economic impact:
- Growing Attendance: Total visits have steadily increased from 2,963 in 2023 to 3,284 in 2024, with a projected jump to 4,477 in 2025. This shows remarkable year-over-year growth for the event.
- Dominant Local Draw: Owatonna’s own residents consistently make up the vast majority of attendees (e.g., 2289 in 2023, 2370 in 2024, and a projected 3044 in 2025), indicating strong local community engagement and support for the event.
- Expanding Regional Reach: The number of visitors from nearby Minnesota cities like Faribault, Albert Lea, Waseca, and Minneapolis/Saint Paul zips has generally increased, or shown consistent presence, demonstrating the event’s growing appeal beyond Owatonna’s immediate vicinity.
- Broadened Geographic Footprint: While individual numbers are smaller, the presence of visitors from distant states (NM, AZ, FL, TX, WI, IA, CT, ND, PA, MO, IL, IN, UT, LA, WA) in the 2025 projected data, even if not consistent across all years, suggests the event is gaining national recognition and attracting travelers who are passing through or specifically planning a visit.
- Increasing Economic Contribution: The estimated direct spending and total economic impact have risen year over year, from ~$133,000 direct spending / ~$200,000 total impact in 2023 to a projected ~$201,000 direct spending / ~$302,000 total impact in 2025. This positive trend highlights “Downtown Thursday” as a significant contributor to Owatonna’s local economy, generating increasing revenue for local businesses.
In conclusion, “Downtown Thursday” is a highly successful and growing event that serves as a substantial economic driver for Owatonna, primarily fueled by strong local participation and expanding regional and even national interest.
