The Met Determines How Much They Have Impacted the Economy

The Met sent out a press release this afternoon saying they “stimulated” a “$908 million economic impact” in New York based on four popular exhibitions: Alexander McQueen: Savage Beauty, Anthony Caro on the Roof, Richard Serra Drawing: A Retrospective and Rooms with a View: The Open Window in the 19th Century.

The figure was generated by a “visitor survey” released by the museum today:

“The survey found that 68% of the visitors traveled from outside the five boroughs of New York. Of these, 20% were from the Tri-State area, 38% were from other states, and 42% were international visitors. Eighty-two percent of travelers reported staying overnight in the City; of these, 72% stayed in a hotel or motel. The median length of stay in the City was 5 days.”

“These visitors reported spending an average $927 per person ($599 for lodging, dining, sightseeing, entertainment, admission to museums, and local transportation and another $328 for shopping) during their stay in New York.”

Of the people cited in the survey, 52% said visiting the Met was a key motivating factor in visiting New York. There are a lot more numbers as well! “Using a scale of 1 to 10 to determine how important seeing one or more of the four exhibitions was in their decision to visit New York City, 28% of visitors surveyed in the study gave a rating of 8 or higher.” That 52% figure comes from people who gave a rating of 8 or higher to visiting the Metropolitan Museum in general.

So, to put this in simpler terms, the Met released a survey asking people who visited the museum, after the fact, how much they wanted to visit the museum to begin with, and from those numbers determined that they generated $908 million of vaguely related spending in New York as a result of having gone to the museum while visiting New York. This figure is up from last year, when the museum only generated $784 million of “economic impact.”

The Met Determines How Much They Have Impacted the Economy