The economic impact and the return on public investment of a book fair and cultural festival

Based on the literature on economic impact, the authors investigate the role of cultural festivals in the local economy. The case of a book fair and cultural festival, Salone Internazionale del Libro in Turin, Italy, is analyzed on the occasion of its 30th edition, held in 2017. Over five days, the festival generated approximately €41.6 million within Italy’s Piedmont region. In addition, the fiscal impact and the final balance of public expenditure are measured concerning the public actors involved in financing the festival. Overall, the study finds that each €1.00 invested publicly generated more than €15.00 in the regional economy.