2024 Rose Parade, Rose Bowl Game injected $245 Million into Greater LA economy, new report says
The 2024 Rose Parade and Rose Bowl Game have collectively generated a whopping $245 million for the Greater Los Angeles economy, the Pasadena’s Tournament of Roses announced in a new report on Tuesday, July 30.
This substantial economic boost, driven by the direct spending of attendees at the two iconic events, has contributed to the recovery of the regional economy, officials at the organization and the city said.
“I think what we are is really the front door to the Los Angeles region for many visitors, and they want to come back and visit again and again,” Tournament of Roses CEO David Eads said.
The 2024 Rose Parade and Rose Bowl Game Economic Impact Study, conducted by Toronto-based Enigma Research Corporation, is the first such report of the Tournament of Roses since the pre-pandemic era, and it paints a promising picture.
According to the study, which surveyed more than 1,200 participants in the Rose Parade and Rose Bowl, the two events supported 2,166 full-year jobs in the region, most of which in accommodations and food services, and generated an estimated $35.7 million in tax revenue, which are nearly equally split between federal, state and local levels.
The total operational costs of the two events amounted to around $20.7 million. Their combined economic impact of $245 million is lower than the individual sums due to many non-locals attending both events, Eads said. The Rose Parade alone generated $155 million, while the Rose Bowl Game contributed $119 million.
Around 485,500, or around 62% of the 783,928 participants in both the parade and game, were Los Angeles County residents. However, their spending of $70 million is not considered in the economic impact calculation.
In addition, more than 90% of non-local attendees expressed a desire to return to the Los Angeles region, a positive sign for the local tourism industry as it continues to recover and thrive, city officials said.
“It’s a great time in Pasadena when families come into town, some for the first time and some turn it into an annual tradition dating back many generations,” Pasadena’s Economic Development Director David Klug said. “This helps boost our local economy including: hotels, restaurants, rental car companies, markets and basically all businesses thrive while welcoming visitors from all over the world.”
The report highlights that visitors come for the full Los Angeles experience, with the impact of the Rose Parade and Rose Bowl Game resonating throughout the Greater Los Angeles area.
“It’s nice that the report acknowledges that the spending is much greater outside Pasadena than within Pasadena, not to belittle the amount spent in Pasadena. We appreciate that very much,” said Paul Little, president and CEO of Pasadena Chamber of Commerce and Civic Association.
After attending the parade and game in Pasadena, many non-local attendees ventured out to explore the region, with Downtown LA, Hollywood, and Santa Monica, Disneyland and Universal Studios being among their favorite destinations.
“The reality is that the New Year’s events in Pasadena support a lot of local jobs in the region, not just Pasadena, but L. A. County, all the way down to Orange County and Newport Beach,” Little said.
Although it’s too soon to say that the tourism industry is back to pre-pandemic levels, the report indicates that the region is recovering.
“You can’t necessarily judge by New Year’s in Pasadena, because people plan for this well in advance,” Little said. “But I think in general, tourism has been picking up again since 2021, and I think we’re going to continue to see that.”
Compared to the Tournament of Roses’ 2018 study, which reported a combined economic impact of $198.2 million, the 2024 figure is slightly higher. However, this also reflects higher costs, Eads said.
“Things cost a little bit more money now than they did in 2018, so you’ve got the normal cost of living increases that you’ve seen in spending,” he said. “But again, I think it shows that we have come out of COVID, and that people do want to travel. They want to go to large, unique events, like the Rose Parade and the Rose Bowl game and we’re past that shadow of the COVID pandemic.”
And one thing is clear.
“It’s always nice to remind people that Pasadena is a fun place to be on New Year’s Day, and it’s even more fun if they bring their credit cards,” Little said.