The number of festivals to be held in Japan in one year is about 300,000 including local fetivals.
Festivals are very strong contents that can attract people local area.
As result, it brings a big economic effect such as transportation, hotel, food and drink, costume, and souvenir.
So local governments always trying to create a new tourism strategy utilizing the festival.
Here's economic effect of some major Japanese festivals:
Sapporo Yuki-Matsuri(Hokkaido) USD 297M
Nebuta-Matsuri(Aomori) USD 214M
Gion-Matsuri(Kyoto) USD 135M
AWA-Odori(Tokushima) USD 90M
Yosakoi-Matsuri(Kohchi) USD 86M