The Tourism Bureau says that this year’s Taiwan Lantern Festival could attract 12 million visitors and bring in NT$10 billion. That’s roughly US$300 million.
According to the Tourism Bureau, this estimate supposes that visitors will spend an average of NT$1200 (US$35) per person.
One official has said that the annual festival’s success has led to an increase in private funding from businesses. According to the official, only US$1.5 million to US$1.8 million of the US$3 million needed for recent festivals have come from public funds.
The Taiwan Lantern Festival was first held in 1990. It was known as the Taipei Lantern Festival until after 2000, when cities around Taiwan began putting out bids to host the festival.