facilities . Data collection and analysis were undertaken to measure the contributions of the VHHT to the Fleurieu Peninsula . This occurred through economic analysis , tourist surveys and interviews with key stakeholders .
Figure 1 . VHHT Estimated Economic Spend
METHODS AND RESULTS This research used mixed qualitative and quantitative methods to address four research questions outlined below .
What is the economic value of the VHHT to Victor Harbor ? The literature revealed numerous methods available to research the economic benefit of tourist attractions or events ( Janeczko , Mules & Ritchie 2002 ; Torre & Scarborough 2017 ). A commonly used , but data intensive , form of economic benefit research is a cost benefit analysis . Some research suggests varied approaches for measuring economic impact , such as an economic impact study ( Janeczko , Mules & Ritchie 2002 ), can make use of limited data to assess additional visitor expenditure , resulting from an event or specific attraction and may include impact multipliers ( Jones & Munday 2016 ; Torre & Scarborough 2017 ).
Figure 2 . Additional Spend as a Result of the VHHT
To understand the economic value of the VHHT , this research considered both the income directly generated by the VHHT , as well as the indirect economic benefits of the VHHT generated through visitor spend .
To estimate an economic contribution of the VHHT in one month , the following calculation was produced :
HT x HV x TS = HS
This equation uses the number of VHHT tickets sold in the month in question ( HT = 7,306 ) multiplied by the percentage of visitors specially visiting for the VHHT ( HV = 23 %), multiplied by the estimated mid-level tourist spend ( TS =$ 15 ). The result produced is a conservative estimated spend in Victor Harbor as a result of the VHHT ( HS ) assuming just one day ’ s spending per ticket holder for one month .
For the month of January 2020 , an estimate of $ 210,000 was attracted by the VHHT and spent in the local economy ( 7306 x 0.23 x 125 = 210,000 ). This is a conservative estimate as it is based on an approximate tourist day spend and only applies to passengers who visited Victor Harbor specifically for the VHHT .
To determine a monthly economic contribution of the VHHT across a financial year , ticket sales were first reviewed to determine the number of tickets sold in a typical month ( for peak tourist and non-peak tourist periods ) with and without international tourists ( or before and after the onset of COVID-19 ). The calculation was then applied across an entire financial year to estimate the economic spend occurring as a result of the VHHT ( see figure 1 ).
Next , the additional spend , resulting from unplanned rides on the VHHT was calculated . Unplanned rides on the VHHT , included all visitors who did not plan to ride on the VHHT or did not specify the VHHT as the reason for their visit to Victor Harbor but rode on the VHHT regardless . The choice to take part in a tourist activity , such as the VHHT , on arrival may lengthen
a visitor ’ s stay and subsequently increase the tourist spend in the area . This is generally referred to as additionality .
To estimate additionality , the following calculation was used :
HT x V x $ 10 = VAS
This equation uses the number of VHHT tickets sold ( HT ) multiplied by the percentage of visitors who did not specify the VHHT as the reason for their visit ( V ). This is then multiplied by $ 10 , being an estimate of the additional spend of undertaking a tourist activity and spending more time and money in Victor Harbor . This produced a conservative additional estimated spend in Victor Harbor , resulting from an unplanned ride on the VHHT ( VAS ) ( see figure 2 ).
ECONOMIC DEVELOPMENT JOURNAL VOL 16 NO 2 2023 15