Thursday, May 30, 2024

‘Experience economy’ accounts for 9% of Irish jobs | IQ Magazine

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Ireland’s “experience economy” accounts for 9% of total jobs in the country, according to the Irish Business and Employers Confederation (Ibec).

Ibec has released a detailed economic assessment report highlighting the significance of the entertainment and hospitality sectors, citing Dublin’s Croke Park – which will host concerts by Bruce Springsteen & the E Street Band, AC/DC and Coldplay this summer – as a significant contributor.

Around 300,000 people are employed in Ireland’s experience economy, with an additional 100,000 jobs created through areas such as supply chains, services, and suppliers. However, the group warns that the industry requires government support to help combat rising costs and skills shortages.

“The experience economy plays a vital role in Ireland’s economic landscape,” says Sharon Higgins, Ibec’s executive director of membership and sectors. “It encompasses a vast interconnected ecosystem comprising large and small businesses, with a substantial supply chain supporting it.

“The success of this ecosystem relies on all businesses within it thriving. It serves as a crucial economic lever, particularly in ‘hard to reach’ yet critical parts of our economy and society. Moreover, it enhances the overall quality of life by providing enriching experiences for both residents and visitors, thereby not only boosting tourism but also fostering a sense of community and identity.

“This essential segment of the economy is currently facing challenges and requires support”

“However, this essential segment of the economy is currently facing challenges and requires support.”

Annual expenditure on goods and services amounts to almost €4 billion in the sector, which generates €4.5bn in wages and salaries.

A key policy recommendation, says Ibec, is the need for the Department of Enterprise, Trade and Employment to have the strategic planning oversight for Ireland’s experience economy and responsibility for driving the delivery of overall strategy.

“The report has confirmed the significant cost increases that experience economy businesses are expected to face over the next two years and acknowledges the serious concerns regarding job retention and business viability,” adds Higgins. “Ibec would like to see a commitment to a ‘competitiveness charter’ concerning state-imposed labour market costs, as well as the introduction of a PRSI rebate targeted at specific companies. These measures are crucial for ensuring the resilience and sustainability of the experience economy in Ireland.”

 


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