This study was intended to explore the potential economic benefits of 'Gifaataa' Celebration of Wolaita (GCW). The subjects used were 600 individuals selected by availability sampling and 12 elders selected by purposive sampling (by their deep knowledge of overall indigenous wisdom of Wolaita) from six selected Woredas of Wolaita Zone. The descriptive research design was used having the quantitative and qualitative data collected through questionnaire, face-to-face interview and FGD. The analysis was made using the eclectic approach of data analysis. The result indicated that GCW has various potential economic benefits: It facilitates the promotion and marketing of indigenous local products and handcrafts of Wolaita. It is a fertile venture for budgetary decisions for development by local, regional and national administrators and from the attendants as a form of fund-raising. Gifaataa is also considered as an opportunity for promoting saving culture in Wolaita. However, Wolaitas have not yet exploited this potential opportunity due to lack of awareness. Based on these findings, therefore, Wolaitas should work hard to assure the sustainability of their Gifaataa celebration, the concerned government bodies should play their own roles in cultivating and transferring Gifaataa celebration to the next generation and researches of pertinent depth should be conducted by professionals for the reasons why Wolaitas have not yet exploited the potential economic benefits of their Gifaataa celebration. Keywords: Wolaita, Gifaataa, economic benefits, celebration, event-marketin
