Predicting the Economic Impact of the Upcoming Solar Eclipse
Do you love astronomy? Are you a self-proclaimed “eclipse chaser”? Are you still upset that you missed the solar eclipse in 2017? If you can answer "yes" to any of these questions, you are most likely eagerly anticipating the total solar eclipse on April 8th.
Anyone viewing the eclipse from a place where the moon's shadow completely covers the sun, known as the path of totality, will have the spectacular opportunity to witness the total solar eclipse. But, if you happen to be viewing outside of the path, it will still be a moment to observe a partial eclipse! The path of totality will start in Mexico and move across Texas, Oklahoma, Arkansas, Missouri, Illinois, Indiana, Ohio, and then the Northeast. Follow the path.
This upcoming total solar eclipse has economists predicting a huge boost in the hospitality and tourism industries before, during, and after the eclipse, providing members of the communities within the path of totality with an exciting economic opportunity.
Past Impact: The Great American Eclipse of 2017
The Great American Eclipse is a remarkable case study of the economic impact of celestial events on local and national scales. Areas within the path of totality saw a massive surge in tourism, with some areas reporting visitor numbers several times their population. In Wyoming, the Department of Transportation counted about 536,000 more vehicles on the road than usual during the eclipse. This influx in tourism provided a massive boost to local economies, particularly benefiting the hospitality and retail sectors. Wyoming saw a $63.5 million economic boost due to increased travel and tourist spending during the eclipse.
Increased Tourism, Exciting Economic Opportunities
Considering the last eclipse was just a short time ago, people are extra excited to view the upcoming eclipse. There’s something about the excitement of the last eclipse that hasn’t quite faded for some! Communities positioned along this narrow band are anticipated to witness a substantial uptick in visitor numbers, eager to experience the novelty in its full glory. For example, the State of Ohio is expecting up to 500,000 visitors to its cities and towns within the path of totality. The city of Toledo particularly will draw massive tourism numbers as it will enjoy the longest period in totality. Additionally, some parts of Indiana are expected to be dark for an entire 4 minutes! The State expects to draw over one million visitors during the eclipse. Not only will this provide local restaurants, hotels, and tourism agencies with increased revenue and visibility, it will also introduce tourists to the great cities and towns of Ohio and Indiana, potentially transforming them into sought-after destinations in the future. It truly is a chance for travelers to rediscover the charm of these cities. Beyond just travel, hotels, and dining, the event is a windfall for local attractions and tour operators, who can offer guided eclipse-viewing experiences and educational activities, further enriching the visitor experience. For example, the State of Ohio will be home to an array of cool and interactive eclipse viewing experiences like campouts, cruises, and zoo exhibits. If you’re in the area, check out all of the great eclipse viewing opportunities that you can participate in!
Hotels, Online Vacation Home Rentals, and Fun Eclipse-Themed Events
The solar eclipse will illuminate (no pun intended) opportunities for online vacation home rentals and hotel industries, as accommodations in prime viewing locations have become hot commodities. Property owners and hoteliers are in a prime position to leverage this unique event, setting premium prices for rooms and rental properties within or near the path of totality. Within the path of totality in Indiana, hotel rooms in certain small towns are going for $1,200 a night because of such high demand. In Ohio, the Hotel and Lodging Association has been planning for this event for over two years. There are 700 Ohio hotels within the path of totality, and they are booking at a rate that is 400% faster than last year at this time! Airbnb data shows that searches for properties along the path of totality have increased by 1,000% which has allowed property owners to increase their typical nightly cost and bring in some substantial extra income.
Creative marketing strategies and eclipse-themed packages have further enhanced attractiveness to eclipse chasers, including partnerships with local tour operators for a holistic experience. A Dayton Hotel is offering eclipse viewing glasses, Sun Chips®, Blue Moon® beer, Sunkist® soda, Moon Pies®, and Milky Way® chocolate bars as part of their eclipse package. Creative marketing ideas like this one not only drive people to the hotel and provide a significant revenue boost during the eclipse period but also plant the seeds for future business, as guests who have positive experiences are more likely to return or recommend these accommodations to others.
Boosting Revenue and Increasing Visibility for Small Businesses
This influx of tourists presents a golden opportunity for a range of local businesses, from boutique hotels and cozy bed-and-breakfasts, to dine-in restaurants and quaint cafes to experience heightened demand. Economic experts in Ohio believe that tourists will bring over $100 million to the State during the eclipse which they will undoubtedly spend on food, lodging, and merchandise at local businesses. In Indiana, which is expected to receive an approximate $150 million economic infusion, some local small businesses are referring to the eclipse as their “Super Bowl”. Tourists will be gearing up and spending days in advance and after the eclipse! Many of these businesses are preparing for the event with special packages and promotions, aiming to attract eclipse enthusiasts from near and far. They are creating t-shirts, hats, mugs, and all other kinds of swag for this once-in-a-lifetime event. Additionally, local artisans and crafters are creating eclipse-inspired artwork and jewelry, while food and beverage establishments are introducing themed menu items and hosting eclipse viewing parties.
So, what does this mean for the participating businesses? In the short run, it means increased revenue and visibility. In the long run, it serves as a fantastic marketing opportunity for them to market future events and create relationships with new patrons. Ultimately, the eclipse offers a window for small businesses to showcase their creativity, adaptability, and the unique value they bring to their communities, turning a momentary celestial event into a sustained economic uplift.
An Unforgettable Experience
The total solar eclipse on April 8th has people taking notice, and the economic impact is hitting our local communities in staggering ways. Whether you’re a small business owner, an astronomy lover, a travel enthusiast, an economist, or just a casual observer – this upcoming 4 minutes 28 seconds is going to be an exciting time for everyone.
Don’t forget your eclipse-viewing glasses! Just make sure they have the code "ISO 12312-2:2015" stamped on them for proper protection.
Dollars and other numerical figures have been compiled from:
Greenville News - August 25, 2017
The Seattle Times – December 11, 2017
WTOL11 – March 8, 2024
WTOL 11 – February 7, 2024
Inside Indiana Business – September 29, 2023
Dayton CVB – March 2024
Sandusky Register – March 14, 2024
WRTV Indianapolis – February 21, 2024
Forbes – February 24, 2024
Mansfield News Journal – March 8, 2024
