Valencia's Medium Marathon 2024 Brings in Tourism Revenue of Approximately 13.6 Million Euros
Freshened-Up Take:
Jan 31, Valencia - The 2024 Valencia Trinidad Alfonso Zurich Half Marathon pumped a staggering 13.6 million euros into the city's economy, according to a report by the Ivie (Valencian Institute of Economic Research).
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The Ivie has unveiled its first Economic Impact Report on the Half Marathon. This comprehensive, thirty-eight-page study, crafted by Joaquín Maudos, Ivie's deputy director, and Eva Benages, delves into the event's economic ripples, shedding light on turnover, income, employment, and fiscal impact.
This report quantifies economic stimulus, expenses, and their consequences. The expenses associated with organizing the event, amounting to approximately 2.59 million euros, primarily stem from registrations and sponsorships.
Moreover, the participants' and their companions' expenditures outside Valencia account for a substantial 54.3% of the total sum. The daily spend for national visitors was 137.8 euros, while foreigners splurged 159.9 euros each day.
The total economic impact on Valencia's economy reached 29.4 million euros in sales for local companies. This translates to 8.4 million euros in income generated, supporting 258 full-time equivalent jobs for a year.
As for the sector-wise impact, services take the lion's share (87.4% in terms of income and 89.6% in terms of employment). Hospitality, real estate, business services, and commerce play significant roles in the Half Marathon's economic impact as well.
This event also triggers a favorable fiscal impact of 4.96 million euros, implying that for every euro spent on the event's organization, the city earns a return of 1.9 euros in public revenues.
Lastly, the report reveals the overwhelming satisfaction of the participants, who scored the 2024 edition an average of 8.5, praising the energetic atmosphere and the race's time-setting potential.
Paco Borao, the president and director of the race, celebrates the growing significance of tourist spending. "The numbers justify the warmth we express, making the Half Marathon a success," he says. Juan Miguel Gómez, the director of the Trinidad Alfonso Foundation, sees similarities with the 2023 Marathon, hinting at shared growth for both events. EFE
Additional Insights:
Economic impact reports for large sporting events typically scrutinize local spending, charitable activities, employment and job creation, promotion of local businesses, and infrastructure development. The transportation, retail, and service sectors often experience a boost during such events. The fiscal impact is calculated by considering government revenues from hotel, restaurant, and other business taxes during the event period.
- The Valencia Trinidad Alfonso Zurich Half Marathon's Economic Impact Report, by the Ivie, highlights the event's influence in various sectors such as hospitality, real estate, business services, and commerce.
- In terms of fiscal impact, the Half Marathon generated a significant return of 4.96 million euros for the city, implying a return of 1.9 euros in public revenues for every euro spent on the event's organization.
- The total economic stimulus from the 2024 Valencia Half Marathon was 29.4 million euros, supporting 258 full-time equivalent jobs for a year, with services dominating both income generation (87.4%) and job creation (89.6%).
- Paco Borao, the president and director of the race, emphasized the growing importance of tourist spending, praising the Half Marathon as a successful event, with its economic benefits justifying the warm reception it receives.
