Vermont Life Economic Impact Study. Based on results from the 2015 Vermont Life Reader Survey

Transcription

1 Vermont Life Economic Impact Study Based on results from the 2015 Vermont Life Reader Survey

2 Background Results collected from Jan. 1, 2015, through March 1, questions Prizes used as incentives for participation (thanks, Ski Vermont!) Survey conducted online Promotion: Full-page ad in Spring 2015, to our list of 30,000 readers, and extensive social media outreach

3 Methodology 770 respondents Blank responses not factored into calculations For ranges, the reference used in the calculation was the midpoint of the range: e.g., How many times do you pick up each copy of Vermont Life? ; if respondent chose 4 to 5, 4.5 was the reference. For open-ended ranges (e.g., more than 20 ), the reference used was upper end + 1 (21) for a conservative calculation. For average reader age, there appeared to be some entry errors (for instance, a few people entered 2014 as their birth year) so we discarded the top and bottom three responses.

4 Who Are Vermont Life Readers? Average age: 55 years old, significantly younger than in previous years (1960 average year of birth) Median age: 58 (1957 median year of birth) 52% female, 48% male Education: 11% have a Ph.D./MD/JD, 30% have a master s degree, 37% have a bachelor s. Income: 11% have household incomes of $200,000 or more, 39% have between $100,000 and $199,999.

5 Readers by Age Number of Respondents Birth Year

6 Readers by Residence 32% in Vermont 50% in New England 69% in the Northeast

7 Vermont Life Fuels Actions We asked, Which of these actions have you or your family taken as a result of something you read or saw in Vermont Life? The answers: 67% bought a Vermont product, visited a Vermont store or used a Vermont service. 56% have tried a new restaurant. 44% have planned a vacation or staycation. 26% have made lodging plans. 6% have bought real estate in Vermont.

8 As a Result of Something in Vermont Life: 56% of readers translates to an estimated 28,000 people trying a new Vermont restaurant as a result of something seen in Vermont Life. If each diner purchased just one meal per year ($23 average*), the annual economic impact would be $644,000. If each diner had one meal and one domestic draft beer ($5 average*), the annual total is $784,000. The rooms and meals tax generated on the food is $57,960 annually; on the alcohol is $14,000 annually. Based on 50,000 readers, using Numbeo cost-of-living figures in which $23 is the average midrange restaurant meal cost. Actual impact could be much higher, as an average of 2.9 people read each copy of Vermont Life.

9 As a Result of Something in Vermont Life: 13,000 readers have made lodging plans. If each reader booked just one night annually, using a lodging rate of $145.86* per night, the impact is $1.9 million. The rooms and meals tax generated is $170,656 annually. *The 2013 average room rate according to the Agency of Commerce and Community Development.

10 As a Result of Vermont Life: We asked, Which of these actions have you or your family taken as a result of something you read or saw in Vermont Life? 6% of survey respondents checked bought real estate in Vermont. (We do not know over what time period the purchases were made, so we are erring on the conservative side and will assume since the magazine s inception in 1946.) 6% translates to 3,000 readers purchasing real estate in Vermont. If you accept that with each real estate purchase comes two people, this means that more than 6,000 people (or 1 percent of the population) have become second-home owners or primary residents. Vermont Life introduced people not just to visit, but to stay for a while (second-home owners) or for the long run. 3,000 pieces of real estate translates into $10.3 million in property taxes per year And into more than $20 million annually in goods and services associated with property (real estate agents, lawyers, surveyors, inspectors, contractors, property managers, etc.). *Based on 50,000 readers. Median home value: $219,200, according to Zillow. Median Vermont property tax: $3,444, according to tax-rates.org. Property goods and services estimate based on Consumer Expenditure Survey.

11 Calendar Impact Branding: Vermont Life produces a line of seven Vermont-themed calendars that brand Vermont 365 days per year. Economic impact: Every photo used in a Vermont Life calendar means a paycheck for a Vermont photographer or illustrator. Book and gift shops sell Vermont Life calendars as a source of revenue. In the last year, they carried $500,000 worth of calendars equaling $250,000 in profit to these retailers annually (generating up to $30,000 annually in sales tax).

12 Outstanding Return on Investment Direct impact from something seen in Vermont Life factoring only dining, lodging, real estate services, calendar sales and associated taxes: $33.5 million annually. This does not account for Vermont products/shopping, transit or other services that Vermont Life readers spend money on as a result of something they saw in the magazine (such as spas, skiing, fishing, festivals, events, etc.). Vermont Life s annual operating budget is about $2 million, most of which is self-funded through advertising sales, subscription and newsstand sales and sales of Vermont Life calendars.

13 Check out these quotes from our 2015 Reader Survey Recently purchased Vermont property as a result of reading this publication! I love your state and try to visit often on my motorcycle. [Vermont Life] always points me toward new roads and new activities to try! I moved to Vermont after picking up a copy of Vermont Life in my college library. I started to visit and vacation in Vermont after I began reading Vermont Life.

14 More Quotes Reading Vermont Life just reminds me to start looking for ways to be able to move back to my beloved adopted home state. My daughter is a freshman at UVM and this magazine is a great guide to our many explorations that we ll be having over the next 4 years! [Vermont Life] inspired me enough that I bought a small hunting camp in Chelsea. I discovered Solmate Socks through an ad in the magazine and have worn them for years now. We ve also visited restaurants that we read about in the pages.

15 More Quotes We purchased a second home in Vermont and love it. I grew up spending summers on Lake Bomoseen at my grandparents camp. I went to UVM. All I have left to do is finally move to Vermont permanently hopefully in less than two years. Vermont Life keeps us informed on what s going on, where to eat, hikes to take, communities to visit. I would like to see a section on jobs available in Vermont, I would love to move there but I need a job first. We use Vermont Life as our travel guide. I was really connected to the why millennials stay in Vermont article. I d always go back to it when I thought about leaving. Hate the idea of youth flight from such a lovely place.

16 More Quotes I often find good gift ideas in Vermont Life. I look forward to having a second home in Vermont some day. Vermont Life keeps us connected to all things Vermont until our dream comes true! I have visited places on vacation because I read about it in Vermont Life. Have also bought products based on ads and recommendation.

17 More Quotes It was the magazine I always looked forward to while I lived out of state for over 12 years. It made me look forward to moving back. We vacationed here after reading many articles about places we wanted to visit and eventually bought a home in the state. The front cover from an issue of Vermont Life back in the 1980s featured a pasture belonging to a friend in Braintree. That, among other things, inspired me to purchase property here a few years later. I will retire to Vermont in two years currently a secondhome owner, but not of means. I am looking to find part-time work so I do read specifically with that in mind.