Page 80 - Finanancial Management_Feb_Apr23

Valuing

heritage

ccording to the Economist Intelligence Unit, the number of tourist
trips worldwide is expected to increase by 30% this year after growth
of 60% in 2022. The global economic downturn and sanctions on
Russia will mean tourism is likely to remain below pre-pandemic
A levels, however.
Many tourists will seek out cultural and natural sites, which are celebrated
globally on 18 April. Sites include 1,157 World Heritage Sites, designated by
PHOTO BY MONDADORI PORTFOLIO/GETTY IMAGES and general tourism attraction value for the Italian economy of €1.3 billion a year.
UNESCO.
Deloitte recently valued one of these — the Colosseum in Rome. The iconic
structure supports an estimated 42,700 jobs and has direct and indirect economic
Italian residents also put an intangible non-use or “existence” value on the site,
calculated by Deloitte at €2.9 billion a year. This value results from individuals’
willingness to pay for the building even though they may not use it or gain even an
indirect benefit from it.

Rome’s Colosseum, a popular tourist attraction that generates more than a
billion euros annually for the Italian economy, is even more highly valued by
Italians for its very existence.