The following are some interesting pieces of information from an article entitled "Consumers, Vendors, and the Economic Importance of Iowa Farmers' Markets: An Economic Survey Analysis," by Dr. Daniel Otto and Theresa Varner, Iowa State University (March 2005). All figures are from a 2004 survey.
- Approximately $20 million in total Iowa Farmers Market sales were estimated through consumer reporting, while a more conservative estimate of $9.8 million originated with vendor reports.
- An estimated $31.5 million of gross sales and $12.2 million of personal income effects were directly or indirectly related to farmers’ market activity.
- Approximately 55,000 consumers and 1600 vendors gathered for at least one weekly market session.The typical market consumer was 51-65 years of age, buying mostly fruits, vegetables, and baked goods. The average consumer made approximately 13 market visits per season.
- The average vendor was also 51-65 years of age, and received the most revenue from produce and baked goods.
- Evidence suggests that market participation might be increased through the targeting of urban consumers and participants approaching retirement age, as well as the development of new strategies to attract younger consumers and those who have little experience with farmers’ markets.
- In the state of Iowa, the number of farmers’ markets has increased more than 60 percent over the past ten years. Iowa has the greatest number of markets per capita in the country.
- Iowa markets were open for an average of 1.4 days for an average of 21 weeks, and featured an average of 13 vendors. Twelve new markets emerged in 2004, while over half of established markets were over 10 years old. Nearly 55,000 Iowans attended at least one weekly session of a market. Approximately 135,000 consumers attended a market at least once during the season.
- Consumers reported spending an average of $11-20 per market visit
- On average, vendors planned to attend two different markets per season. Average per vendor sales in 2004 were $2,501-5,000, while average costs were $1,001-2,500.
The article is available at http://www.leopold.iastate.edu/research/marketing_files/markets_rfswg.pdf