Minnesota's biggest annual consumer show has an important impact on Minneapolis and will be even bigger in 2020
MINNEAPOLIS, Nov. 4, 2019 /PRNewswire-PRWeb/ -- The Twin Cities Auto Show, Minnesota's largest annual consumer show, today released an economic impact study that estimates the show increases spending in the local economy by $19 million each year.
At the same time, the Twin Cities Auto Show announced plans to add the National Truck Summit to its annual March 2020 event. The National Truck Summit will build on the auto show's success and partner with Automotive News in 2020 to bring a focus on consumers' growing love of trucks, SUV's and crossovers.
The goal for the study was to better understand the full impact the event has on Minneapolis every year as the Greater Metro Auto Dealers Association (GMADA) looks for ways to grow and expand the show. The economic study was conducted by University of Minnesota Economics Professor Amil Petrin. Doctor Petrin has been an Economics Professor at the University of Minnesota since 2007 and earned his Ph.D. at the University of Michigan in 1998.
"At $19 million for an event that lasted only nine days, the economic impact of this show is both significant and wide-reaching," said Petrin. "The electronic exit-survey we used to supplement the report indicated that, in addition to ticket, concessions, and parking revenues, many visitors stayed overnight at hotels and Airbnb rentals, and many visitors took part in other tourist activities like sporting events, theater, or shopping downtown or at the Mall of America."
Petrin's study shows a substantial annual economic impact on the city from a show that requires little to no investment by the City of Minneapolis. In addition to the money spent directly by the Greater Metro Auto Dealers Association (GMADA), over $10.5 million is generated by spending by attendees and vendors on food,
lodging and other tourist activities. Another $ 670,000 is generated by spending on parking, much of which goes directly into city coffers.
"This is great news and shows the real impact we can have by making sure Minneapolis continues to be a place where people and events connect," said Minneapolis Mayor Jacob Frey. "What's more important than the numbers are the workers in our hotels, restaurants, and the convention center itself who benefit each year when the show is in Minneapolis. It's one more way this city and the investments we have made in places like the convention center are helping improve the lives of people in our community."
"This is an important event for our organization and this region," said Barb Hilbert, the GMADA Vice Chair and the Luther Auto Group's CFO. "The study data helps us all better understand the impact and what these shows and events mean to the community. We work hard each year to make this show something that is very special. The results of the study are another way to see the overall results."
"Each year, the Twin Cities Auto Show brings a large and reliable crowd of people from all over the country into downtown Minneapolis for two weeks," said Show Director Mary Velline. "Besides Show attendees, the downtown is filled with the people responsible for the set-up, take-down and display of the show. They fill hotel rooms, eat in our restaurants, shop, and entertain themselves in the downtown environment."
"While more people attended the Final Four and the Super Bowl, daily per-person spending for Auto Show attendees was often equal to their spending." Petrin said. "The Auto Show brings in people who make and spend money across the city at an important scale each year."
To capitalize and build on the auto show's success and the unique features of the Minnesota new vehicle market, the Twin Cities Auto Show also announced it is partnering with Automotive News in 2020 to bring a focus on consumers' growing love of trucks, SUV's and crossovers.
"Minnesota is uniquely positioned to host a national discussion on consumer interests in trucks. They are really part of how we live and work here," stated GMADA President Scott Lambert. "Minnesota leads the nation in truck and SUV sales."
In Minnesota, light trucks (which includes SUV's and crossovers, as well as pickup trucks) make up more than 82 percent of all vehicles sold, while nationally they are just 69 percent of all vehicles sold.
"Minnesotans love their trucks. We use them to pull our boats in the summer and get home safely despite the snow and ice in the winter," Lambert said. "This national summit will be a fantastic enhancement to what is already one of the Midwest's biggest annual events."
The National Truck Summit will be held on March 6th, one day before the opening of the Twin Cities Auto Show, which will run from March 7-15, 2020. It will include consumer focus groups for manufacturers, new truck products, a luncheon hosted by Automotive News Publisher Jason Stein, and demonstrations of truck capabilities.
"Automotive News is proud to support an inventive, creative format which will drive national conversation on a very topical segment," Stein said. "We look forward to a content-rich forum that will highlight industry changes and discussion, setting the table for 2020."
The Summit will feature a panel of automotive experts and the national release of new consumer data that has been collected for 2 years on the consumer purchase journey and Minnesotans' defection from sedans to trucks, SUV's and crossovers.
About Twin Cities Auto Show:
Now in its' 47th year; the Twin Cities Auto Show, presented by the Greater Metro Auto Dealers Association, brings together auto retailers from across the region and includes more that 625 vehicles from more than 35 brands. For more information please visit http://twincitiesautoshow.com/
About the National Auto Show Truck Summit:
The National Truck Summit will take place at the Minneapolis Convention Center on March 6, 2020, one day before the Twin Cities Auto Show opens. It will include consumer focus groups for manufacturers, new truck products, a luncheon hosted by Automotive News Publisher Jason Stein, and demonstrations of truck capabilities.
About Automotive News
The mission of Automotive News is to help business leaders better navigate the powerful and complex automotive industry. We believe that excellent journalism helps leaders decipher, comprehend and make better decisions that will move the auto industry forward. Founded in 1925, Automotive News is recognized globally for its authority, integrity and clear reporting on B2B issues related automotive manufacturers, original equipment suppliers, franchised dealers and others allied with the industry. Offerings include myriad newsletters, award programs, video broadcasts and industry-leading conferences and events. Global print and digital products include Automotive News, Automotive News Canada, Mexico, China and Europe, Automobilwoche (Germany), Fixed Ops Journal, and Shift, which is focused on future mobility. To learn more please visit http://www.autonews.com
SOURCE Twin Cities Auto Show
