By Adrian Frater, News EditorWESTERN BUREAU:
THE PROMOTERS of 'Red Stripe Reggae Sumfest 2004', which kicked off in Montego Bay, St. James, with a beach party on Sunday night, are anticipating that the city will earn roughly $150 million from the staging of the six-day festival, which has attracted nearly 5,000 overseas fans.
"Based on a previous study of the spending pattern of these overseas fans, we are expecting that each person will spend a minimum of US$500," said businessman Robert Russell, a director of Summerfest Productions, the promoters of the festival. "When you multiply 5,000 by US$500, that gives you a cool US$2.5 million."
Mr. Russell noted that when the US$2.5 million is converted to Jamaican dollars at the present rate of exchange J$60 to US$1, it would be a substantial financial boost to the city's economy. He pointed out that the amount does not include money spent on airfare and accommodation.
"This is money that is going straight into the pockets of persons selling items such as food and craft and providing transportation," noted Mr. Russell.
"This is one time that the small man can't complain about not getting a piece of the pie."
Godfrey Dyer, president of the Jamaica Hotel and Tourist Association (JHTA), thinks that Mr. Russell's projection is somewhat conservative. In fact, Mr. Dyer believes the figure could well be closer to $200 million. He said he was optimistic that the financial spin-off would benefit many in the western city.
"In my estimation, there is not another single activity that touches the lives of more people than Sumfest," said Mr. Dyer, who is also owner/operator of the Wexford Court Hotel in Montego Bay.
Speaking with The Gleaner last night, Red Stripe's marketing director, Wayne Lawrence, said: "We want our brand to appeal to both local and international consumers and Sumfest will attract both patrons. Red Stripe and reggae music stand for similar things. Our level of sponsorship, including promotional activities, comes at a cost of between $15 million and $20 million."
Cable & Wireless Jamaica Ltd. is also a major sponsor of this year's show.
Yesterday, a visit to two of the city's craft markets revealed large stocks of art and craft items that have been prepared specifically for the Reggae Sumfest market. The items, predominantly in red, green and gold, include trinkets, shirts, bags, scarves and hats.
"Because we are not getting a lot of regular cruise ship business these days, most of us try to target Reggae Sumfest to generate extra money," said craft vendor Viola Smith. "Reggae Sumfest put food on the table for Independence and back to school shopping," she told The Gleaner.
The music festival continues today with the 'Dance Class' show at the Pier One Complex.
