The global COVID-19 pandemic has had an enormous impact on event planning, including the 2020 San Diego Comic Convention (San Diego Comic-Con). While there are a number of online options for Comic-Con devotees, the cancellation of this year’s live event will have a significant impact on the San Diego economy, and will affect many of our clients in some way. Here are just a few reasons we grieve Comic-Con this year.
1. The Tourists
Every year, the convention welcomes 135,000 attendees to San Diego. That means tens of thousands of visitors to our region, spending money at hotels, restaurants, and more. According to the San Diego Tourism Authority, our local hospitality and tourism industry stands to lose $88 million normally spent in the region during Comic-Con—and like many cities in the U.S., San Diego relies on tourism dollars and tax revenue to help fund vital public services for residents.
2. Business Connections
Of course, it’s not just convention attendees who bring in the money. The event itself is a revenue boost for service providers who help make the convention a success to Hollywood production companies, which rely on the event for promotional campaigns. The event normally is estimated to generate about $147 million annually for the San Diego economy.
3. Community Pride
In such trying times, we need things to get excited about, be proud of, and feel good about. Comic-Con is an iconic San Diego event that has been here for decades. Besides, it’s a chance to show off all our area has to offer. The loss of that opportunity this year is something everyone in our region will feel deeply, whether they’re a business owner or a San Diegan proud of where they live.
We know the loss of Comic-Con and so many other events in 2020 has a huge impact on our local economy, as noted above. We also know every business owner who feels that impact must figure out how to recover the lost revenue or adapt to changing times going forward.
When we talk about financial planning, it’s not about predicting the future. It’s about putting plans in place to ride the waves of successes and setbacks just like this one, and preparing long term to achieve your financial goals. Whether you are hit by the loss of Comic-Con or another event during COVID,or are otherwise searching to find your path to financial independence, we’re here to talk—give us a call.
CCMI provides personalized fee-only financial planning and investment management services to business owners, professionals, individuals and families in San Diego and throughout the country. CCMI has a team of CERTIFIED FINANCIAL PLANNERTM professionals who act as fiduciaries, which means our clients’ interests always come first.
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