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Loss of festivals to have unknown economic consequences

It seems increasingly likely that larger music and dance festivals of more than 500 people will not be held by organizers after August 15, which will certainly result in significant but difficult-to-quantify economic damage, writes G7.hu.

Photo by Balázs Mohai

According to an analysis by economists Zsuzsanna Hunyadi, Krisztián Koppány and Katalin Solt, although visiting festivals has become a popular cultural and leisure activity for Hungarians, little is known about the economic significance of these programs.

According to initial research results, registered with the Hungarian Festival Association, the significance of about 300 events in the national economy is almost as great as that of the travel organization and travel mediation sector, the economic news portal notes.