 "‘Bigger than the Super Bowl’: How the US economy will benefit from the solar eclipse")
The Great American Eclipse is almost here. Today (8 April), North America — the United States, Canada and Mexico — will witness a full solar eclipse. The celestial event will see the Moon blocking the light of the Sun, either fully or partially, casting a huge shadow on some parts of the world.
The solar eclipse is a rare occurrence; according to Royal Museums Greenwich, once a place on Earth witnesses a total solar eclipse, it will be about 400 years before that part sees the next one.
It is because of this rarity and the fact that it will last longer than the prior one did in 2017 — the Moon will shroud the sun for up to four minutes, 28 seconds — that the eclipse is also expected to push up the economy of the US, with some predicting a billion-dollar economic windfall.
Chasing the eclipse
The full solar eclipse is a rare, rare event. Moreover, there are many who attach special significance to witnessing an eclipse. These people called eclipse chasers travel around the world to view the celestial event, irrespective of the cost.
Others too are planning to travel to the parts of the US where the total eclipse can be viewed from such as Texas, Maine, Vermont and more. As people travel far and wide, hotel and AirBnB owners have seen a jump in their bookings. Campgrounds across the US are also fully booked, as people hope to join others in viewing parties.
In fact, according to Great American Eclipse, an informational site that tracks solar eclipses around the world, around one to four million people are expected to travel for the eclipse, ringing in profits for hotels.
Impact Shorts
More ShortsAirDNA, a travel-data firm, has already reported that around 30 per cent of homes listed for short-term rental on Airbnb or Vrbo in areas in or around the eclipse’s path are occupied. Moreover, many rentals and hotels have also bumped up their prices for lodging ahead of the eclipse.
Steven Wright, the owner of a Vermont ski resort, told the Washington Post that the 900 rooms at Jay Peak are all sold out. He said that in all some 8,000 people are expected to take part in the resort’s festivities. By comparison, the resort had roughly 80 bookings on the same day last year.
Jamie Lane, chief economist at AirDNA, explained that for hotels and short-term rental hosts, the eclipse is expected to have a Taylor Swift-like effect.
This was also echoed by Jaime Kurtz, a psychology professor at James Madison University, who told Vox, “The simple now-or-never of an eclipse is extremely motivating. The collective enthusiasm for the eclipse might also be a driving force. It’s unifying.”
And it’s not just hoteliers and AirBnB owners that are expecting a windfall. With large number of people expected to travel, other businesses such as restaurants, souvenir shops and others are also expected to make a killing.
Michael Zeiler, who helps run the Great American Eclipse website, summed up the impact of the eclipse on travel quite well. He said: “It’s equivalent to having 50 Super Bowls simultaneously from Texas to Maine.”
Eclipse goodies
The solar eclipse isn’t just bringing a boom for the tourism industry. Other businesses are also jumping on to the bandwagon by offering eclipse goodies. Sellers of doughnuts, pizza, smoothies, chips view the eclipse as a marketing bonanza and are offering different eclipse-themed offerings to mark the day. For instance, Pizza Hut will give customers a “Total Eclipse of the Hut” deal on eclipse day, offering any large-sized pizza for $12 (Rs 999).
And doughnut makers Krispy Kreme are offering the “Total Solar Eclipse Doughnut,” a glazed treat dipped in black chocolate icing, with silver sprinkles, piped with a buttercream made with Oreo pieces and featuring an Oreo cookie in the centre.
Other companies are also offering eclipse-themed goodies. Rohrback Brewing Co in Rochester, New York, a city in the path of the totality, is making the Rohrbach Totality Black Lager.
Besides eclipse-themed souvenirs and goodies, companies that produce eyewear are also witnessing a bump in their sales. Amazon is also offering great discounts on solar eclipse glasses. And such is the demand for these glasses that it has spawned scams and fake claims about the safety of the product.
Catch up on our eclipse explainers here
Solar Eclipse 2024: How unprotected gazing can harm your eyes
How the upcoming solar eclipse could cast a shadow on cell services in the US
Explained: How different religions deal with a solar eclipse
The numbers game
So, how much is the US economy expected to gain from the solar eclipse? According to an estimate from the Perryman Group, an economic analysis firm, the solar eclipse could bring a financial boost of as much as $6 billion (Rs 50,000 crore), thanks to increased spending on hotels, restaurants and travel, and more. It said the eclipse is likely to generate more interest than North America’s previous total eclipse in 2017 because its duration is longer and the next opportunity to view a similar event in North America won’t come until 2044.
Amy Howell, director of tourism, marketing and communications at Indiana Destination Development Corporation, told Forbes that for Indiana it would be the largest tourist event. “People will not only need places to stay and food to eat, but they will want keepsakes, memorabilia and things to do leading up to, and after, the eclipse.” Between 150,000 and 600,000 people are expected to travel to various destinations within Indiana to experience the eclipse. And this will set cash registers ringing everywhere.
Central Texas, according to one report, is alone expected to push the economy up by $1.4 billion (Rs 11,661 crore). Cities such as Austin have seen record high bookings of hotels, and restaurants are also seeing higher footfalls owing to the eclipse.
Fox News reported that while Texas would rake in an estimated $1.4 billion, the state of New York could expect a $250 million (Rs 2,082 crore) direct boost to its economy followed by Indiana at $177.5 million (Rs 1,474 crore), Ohio with $166 million (Rs 1,382 crore), and Pennsylvania at $115.9 million (Rs 966 crore).
Explaining why this eclipse will boost the economy, Dan Schneiderman, the eclipse partnership coordinator at the Rochester Museum of Science, told CBS News, “It’s not only a scientific phenomenon, but an emotional one as well.”
Philip Powell, a professor of economics at Indiana University in Bloomington, further explained that unique events like the eclipse attract visitors who have discretionary income that they are ready to spend over the course of several days. “Multiply the impact of a typical big concert or sporting event by ten to understand the potential economic impact,” he said.
One such example of spending huge bucks is Julieann Taylor, 66. A retired nurse from Indiana is determined to see the eclipse and, as per a Washington Post report, will drive to Arkansas with her husband, sister, adult son and dog to witness the event. And how much has she spent? She has spent $2,500 on rooms and other expenses.
A long-term impact
Experts and economists also note that today’s solar eclipse may have a long-term impact on the economy.
Bulent Temel, assistant professor of practice in economics at the University of Texas at San Antonio, San Antonio told TIME, “Every single one of those visitors is a potential future visitor to the same area as well. In the long run, the economic impact would be magnified quite significantly. “
John Downen, Director of Impact Analysis at Camoin Associates, shared this observation. Speaking to TIME, he said: “It definitely presents an opportunity, especially in smaller communities, to showcase themselves and hopefully capture some future repeat visitors.”
With inputs from agencies
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