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SOLAR ECLIPSE OF 2024
Financial Impact
The eclipse significantly boosted tourism and revenue for the US, accounting for 75% of tourism and generating $3.8 million in local tax revenue. Hotel bookings surged, with rates doubling from their usual $65-$195 per night to $900-$1300 during the eclipse due to high demand and limited supply. The event attracted 1.6 million visitors, with 50% coming from out of state, further promoting tourism.
Risk Management
Viewing a solar eclipse can cause serious eye damage, including permanent vision loss or blindness. It is essential to wear official solar viewing glasses that meet ISO safety standards to protect your eyes from harmful rays. The eclipse also affects photosynthesis, decreasing chlorophyll levels and slightly increasing carotenoid levels. Additionally, the intense ultraviolet rays can cause sunburn, so applying sunscreen is recommended to protect your skin.
Workforce Scheduling
Educate the workforce about the importance of using certified safety equipment to prevent skin and eye damage during the eclipse. Ensure they communicate effectively with guests, promoting indoor activities to stay safe. Outdoor workers should apply sunscreen, wear proper solar glasses, take frequent breaks, and stay hydrated. First aid supplies should be readily available, and workers should know how to access medical assistance if needed.
Financial Forecasting
Eclipses can slightly impact US market cycles, often increasing volatility. Market movements during eclipses can be unpredictable, sometimes changing direction or moving in a zigzag pattern. Historical data shows no consistent trend, indicating that market behavior is highly variable around eclipse events.
Brand Visibility
Brand visibility decreases during an eclipse as people focus more on the event. Advertisers also prioritize eclipse-related ads, drawing attention away from other brands. This shift in focus benefits ad companies that capitalize on the eclipse’s popularity.