Archives of the Mayor's Press Office

Date: November 26, 1997

Release #705-97

Contact: Colleen Roche 212-788-2958
Curt Ritter 212-788-2971
Bernadette O'Leary 212-312-3523 (EDC)


Mayor Rudolph W. Giuliani announced today that the Macy's Thanksgiving Day Parade, a New York City tradition since 1924, is expected to generate approximately $24.1 million in economic activity for New York City.

It is estimated that the parade will generate $12.2 million in direct economic activity from food, transportation and retail spending by an expected 400,000 out-of-town visitors. Parade sponsors also expect to generate $5.3 million in direct activity through money spent on marketing and promotions. The direct economic activity from visitors and sponsors is estimated to generate an additional $6.6 million in indirect activity through the "ripple effect" associated with those expenditures. The parade will also produce about $1.2 million in City tax revenues.

"The Macy's Thanksgiving Day Parade is one of New York City's wonderful traditions that unite Americans across the country," Mayor Giuliani said. "New Yorkers and tourists who come to see the parade on Thanksgiving know they will have a spectacular time. As a result of the good-cheer and good-time, the City will receive an economic boost from this special event. In addition to the $24.1 million in economic activity generated from the parade the City receives an additional benefit of approximately $5 million in free promotion and advertising from the parade's three-hour nationwide telecast."

More than one million people are expected to attend the 71st annual event, which was only canceled from 1942 through 1944 during World War II. The parade proceeds along Central Park West from 77th Street to Columbus Circle and then south on Broadway to Macy's at 34th Street. Based on previous ratings, the parade is expected to attract more than 50 million viewers and showcase some of Manhattan's most famous sites and Broadway entertainment during its three-hour morning telecast.

"It's not surprising that 400,000 people come to New York City for the Macy's Thanksgiving Day Parade. Macy's organizes a great event, and the City never disappoints visitors with its variety of entertainment options," said Charles Millard, President of the New York City Economic Development Corporation. "The overall result is that $24 million in economic activity is pumped into the City which is good news for the City's restaurants, hotels, and transportation services, as well as its many retail stores -- something we can all be thankful for."

EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.

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