THE FESTIVAL ECONOMIC INDEX (FEI-DUNG MODEL): A FRAMEWORK FOR MEASURING THE ECONOMIC AND CULTURAL VALUE OF FESTIVALS

This working paper introduces the Festival Economic Index (FEI-DUNG Model), a conceptual and analytical framework for measuring the multidimensional value of festivals. The FEI model consists of five interlinked pillars—Economic Output, Cultural & Social Capital, Tourism & Trade Linkages, Cultural Diplomacy Impact, and Sustainability & Governance—comprising 25 component indicators. Each pillar represents a critical domain of the festival economy, evaluated through quantitative and qualitative data sources, including national statistics, sociological surveys, and digital analytics. The FEI-DUNG Model redefines the notion of “economic value” by integrating tangible and intangible contributions of festivals to GDP, employment, social cohesion, soft power, and sustainability. Designed as both a research instrument and a policy tool, this model aims to guide governments, cultural organizations, and researchers toward evidence-based strategies for building a resilient and sustainable festival economy.