We’ve all heard the distressing news of theaters and other arts venues struggling, or even closing their doors, because of the recession. Turns out it may not be as bad as we think. According to an article in the Chronicle of Philanthropy, “one of the nation’s top credit-rating agencies calls the [arts] sector stable and resilient.” The article states good management, an increase in regional tourism, and government stimulus as possible reasons behind this rating.
But why are people still seeking these creative experiences? We asked this question as we studied cultural consumers and the economy in the past year. Our report launches early next week. One reason we found is that people value the arts (and are still willing to spend money on it) because they strongly believe it stimulates the economy. What’s more, across the board they believe it will add meaning to their life. Not something people will sacrifice anytime soon. They’ll adjust their life accordingly to continue to enjoy creative experiences. And help keep the arts sector stable and resilient.
Read full Chronicle of Philanthropy article here.