PRESS RELEASE
Re: 2014 Surrey Vaisakhi Parade economic impact study

Prepared by: MNPLLP
2300, 1055 Dunsmuir Street PO Box 49148
Vancouver, BC, V7X 1J1

A new study performed by Vancouver chartered accountancy & business consulting firm MNP shows that the 2014 Surrey Vaisaskhi Parade generated close to $30 million in spending by visitors from out of town.

The study which was commissioned by Harbinder Singh Sewak, publisher of The South Asian Post, has also found that the 2014 parade is estimated to have contributed between $6.6 million and $12.3 million in GDP for the provincial economy, supported between 116 and 215 Full Time Equivalent jobs, and contributed between $2.3 million and $4.4 million in tax revenues for federal, provincial and municipal governments.

The event is organised annually by Dasmesh Darbar Temple. The congregation pays the City of Surrey approximately $80,000 each year for policing fees. 

Mayoral candidates in Surrey are currently debating whether there is economic justification to waive these fees in lieu of the revenue the festival generates.

See: http://www.southasianpost.com/article/6060-community-event-conundrum-hits-surrey-mayoral-race.html  

KEY FINDINGS
• Based on the estimates of the parade, between $2.6 million to $4.5 million worth of food and beverages were served;

• According to estimates provided by Parade organizers, 40 percent of the 2014 Parade visitors were local residents and 60 percent were out-of-town visitors;

• Total spending on the 2014 parade operations by organizers and participants is estimated at between $8.5 million and $16.0 million;

• The 2014 parade is estimated to have contributed between $6.6 million and $12.3 million in GDP for the provincial economy, supported between 116 and 215 FTE jobs, and contributed between $2.3 million and $4.4 million in tax revenues for federal, provincial and municipal governments;

• Total spending by out-of-town visitors to the 2014 Parade is estimated at between $14.2 million and $29.8 million;

• It is estimated that 2,500 participant groups incurred expenditures in the range of $3,000 to $6,000 per group, on average;

• The average length of stay was 7 days for visitors from the rest of BC, 15 days for visitors from the rest of Canada, 15 days for visitors from the US, and 30 days for other international visitors.

Background on Vaisakhi

Vaisakhi is a festive occasion that marks the beginning of the harvest and the New Year. It is celebrated by communities around the world. For the Sikh community, Vaisakhi is one of the most important days in the religious calendar. The fraternity known as the “Khalsa” which is a fundamental part of Sikhism, was formed on the day of Vaisakhi over 300 years ago.

For the last eleven years, a Parade has been held in Surrey in April, on the day of Vaisakhi. It is organized by Gurdwara Sahib Dasmesh Darbar, volunteers, and attracts tens of thousands of participants and visitors each year. According to the organizers, the 2014 Parade had record attendance and attracted approximately 250,000 people.
It included decorated floats, live music, and performances. businesses, organizations, and community members distributed complimentary food and beverages at roadside booths.

More information on data, and methodology see: https://www.dropbox.com/s/pefkhkhmxsjwmhs/Press%20Release%2014-10.pdf?dl=0

ABOUT MNP
MNP has more than 70 offices across Canada.
It is one of the largest chartered accountancy and business consulting firms in the country. See more www.mnp.ca.

CONTACT
Harbinder Singh Sewak — [email protected]
Jagdeesh Mann — [email protected]