St. Patrick's Day influences on global business
Opinion: Beyond the Parade: St. Patrick's Day influences on global business by Assumpta Harvey
It is amazing that the national holiday of a small island on the edge of Europe has such a profound impact worldwide. More than a festival of revelry, it impacts the economy locally, drawing communities together to celebrate and spend at restaurants, bars and hotels. As for tourism, the Dublin economy alone is expected to benefit by 50M€ (1), with Ireland expecting to benefit by 70M€ (2) overall. In 2022, spending in the hospitality sector during the St Patrick's festival rose by 39% in pubs and 14% in restaurants in comparison to a similar period in the previous week (3)
However, the real impact of St Patrick's Day can be seen through the international lens. St Patrick's Day, is also celebrated in 200 countries(4) around the world with parades taking place across all continents. Celebrating our culture and heritage abroad promotes Ireland as an attractive destination for travel and business. The theme for 2024 is 'Ireland's Future in the World', celebrating the achievements of Irish young people nationally and internationally in 'creativity, innovation, business, academia, volunteerism, peacebuilding, and public service' (5)
Enterprise Ireland (EI), the IDA and the Department of Foreign Affairs take this opportunity to bring Ireland to the global political stage, as one of the key international visits within the trade mission calendar. This year, 38 State representatives will travel to 86 cities in 48 countries, taking this unique opportunity to take part in bilateral discussions to increase Ireland's interest abroad, while also promoting foreign direct investment (6)
State visits that bring Ireland to the global stage and enable bilateral discussion are key to EI and the IDA supporting the economy in Ireland. In 2022:
- Exports to the Eurozone increased by 28%;
- 1282 new contracts were secured overseas; (7)
- The IDA secured 242 investments;
- FDI direct employment reached 301,475, 12% of total employment, an increase of 9% in 2021, with a net employment job gain of 24,019 (8)
Despite these benefits, in the current environment with a focus on the Sustainable Development Goals (SDGs) and the knowledge that taking a flight has a huge impact on our carbon footprint, it would be incorrect for us not to ask what must be done to offset this carbon footprint to reach a net zero balance while still supporting the development of our economy globally?
St. Patrick's Day, as a national holiday, supports Ireland from an economic and a societal perspective, enabling investment and employment in Ireland and growth in exports abroad while celebrating our culture and heritage and supporting communities in breaking down boundaries. What, as a Country, must we do to ensure a New Zero balance to offset the carbon footprint built up through our activities on St. Patrick's Day? However, this is not a debate for this weekend. Instead, let me finish with a traditional Irish greeting.
“Beannachtaí na Féile Pádraig chugaibh uilig agus bainigí sult as”.
1 https://www.rte.ie/news/business/2023/0317/1363376-a-lucky-charm-the-business-of-st-patricks-day/
2 What is St Patrick's Day Worth for the Retail Economy? (businessdailymedia.com)
3 https://www.rte.ie/news/business/2023/0317/1363376-a-lucky-charm-the-business-of-st-patricks-day/
4 Countries that Celebrate St. Patrick's Day 2024 (worldpopulationreview.com)
5 https://www.ireland.ie/en/st-patricks-day/
6 https://www.ireland.ie/en/st-patricks-day/
7 https://www.enterprise-ireland.com/en/publications (2022Annual Report and Accounts)
8 IDA Annual Report 2022