HONOLULU --

The 16th annual Honolulu Festival officially kicked off on Friday.

This three day event showcases the various cultures of the Pacific Rim.

Honolulu Festival organizers have been trying to drum up excitement for this year's event through live streaming online, You Tube and social networking sites.

They said it has worked.

"It seems like there's more people who are aware of the Honolulu Festival and that if they come in the second week of March, you can enjoy Hawaii as a vacation and there is a cultural festival to attend," said Arlynne Hurley, Honolulu Festival spokesperson.

Organizers say that about 4,700 people, mostly from Japan, have come for the festival, either as participants or spectators. But that is down from the 5,000 who came last year.

There are more groups participating in the festival this year -- 120 -- but the groups are smaller.

"I think maybe last year it was our 15th annual, so there was much more emphasis that we were having a milestone. But this year is the 16th, so unfortunately due to probably the economy, that it's slightly down, maybe about 9 percent," Hurley said.

By the time the festival wraps up on Sunday with a parade through Waikiki, it's estimated the festival will have generated nearly as much as last year, which was $10 million in visitor spending.

"At this stage and with the challenges we've had with the visitor industry, we welcome and are very appreciative of events like this because it gives people a reason to come here," said Marsha Weinert, state Tourism Liaison.

Visitor industry officials said right now every penny counts.

"It helps not only the hotels, the restaurants and the retail outlets and everyone else," said Weinert.