What is Composite Indicator

Cultural events create a variety of impacts on the local economy and communities of hosting places. The impacts generated can be of short- or long-term, positive or negative. Literature distinguishes the term ‘impact' from ‘legacy'. While impacts are focused on the economy effects in the short-term, legacy is referred to benefits that remains longer than the event itself. If residents and local stakeholders perceive benefits from an event, thus they will be supportive of hosting in the future. This chapter investigates the issue of literary festivals as tourism opportunity for a destination. It highlights the important role that festivals play within the local communities of the hosting place, including the facilitation of social cohesion and place image. It is based on the perceptions expressed by the different categories of local stakeholders involved in an international literary festival. The study reveals that evaluating and understanding the legacy effects of hosting a cultural event can provide managerial insights for planning, over time, events in a tourism destination.