The positive economic impact induced by Milan Fashion Week which ended last month has confirmed itself as a brand in the world and proved to be a powerful generator of tourism funds.
The Chamber of Commerce of Monza and Brianza estimated its value at 150 billion euro, 111 only for Milan, the rest distributed between Monza-Brianza, Como, and Varese. The turnover of the induced tourism generated by Milan Fashion Week according to the studies office of the Chamber of Commerce of Monza and Brianza is around 36 million euro for Milan and hinterland.
There was concern in particular for the hospitality sector, but it reached 160 million euros when all the related sectors are included: shopping, restaurants, transport, museums, and more. Activities involved 140,000 employees and 18,000 companies partly dedicated to fashion, a sector that has scheduled 70 shows, 105 presentations, and 26 events in a week.
On the occasion of Milan Fashion Week, the hotel sector recorded a high occupancy rate (87% on average) of hotel rooms, especially in the high-end and above all in the first 2 days of fashion shows (90%). In recent years, Milan has literally opened up to fashion with parades organized in the 4 corners of the city up to the inevitable historical buildings of the city center.
The impact was particularly positive in the first 2 days of the fashion shows with room occupancy of over 90% and an average occupancy of 87%. Revenues recorded at the beginning of Fashion Week accounted for 39% of the total.
As for revenue, it is estimated that the Municipality of Milan received the tourist tax, which applies to every visitor, 54 million versus 48 million in 2018. The statistics on how foreigners spend in Milan are also interesting: the Russians allocate most of their substances to shopping, followed by the Americans. The second item of expenditure concerns the starred dwellings – the Americans are followed by the Russians. It should be noted that the Swiss are in the lead both in terms of spending, catering, and entertainment, thus showing a population that is attentive to good food and refined culture.
The social contributions and especially Instagram contributed to the spread of the event. According to a survey by Blogmeter for Camera Moda, Milan Fashion Week, from Tuesday, February 21, to Sunday, February 25, generated 46.2 million interactions on social networks, achieving a + 15.3% on Milano Moda Donna versus February 2017. The total number of messages related to Fashion Week rose by 46.6% compared to February 2017 to 623.9 million, while the users involved reached 306,000 (+70% on February 2017).
Who are the tourists of Milan?
“This format that mostly involves the city shows how operators and simple tourists appreciate the events that use unusual scenarios,” underlined Maurizio Naro, President of APAM (Confcommercio Milan, Lodi, Monza and Brianza). “The important thing is to be able to involve less central city areas in order to bring liveliness and economic returns also to the periphery. A careful and reasoned programming is always fundamental and the promotion is done with the right timing and with the modalities suitable for the times we live.”
Author: Mario Masciullo – eTN Italy Mario Masciullo