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£73m economic impact of Glastonbury Festival
The economic impact of the Glastonbury festival in Somerset has been estimated at more than £73 million.
A report gives the first detailed insight into the world-renowned music festival – the largest of its kind in the UK – including the multi-million pound gross impact it has on the UK and international economies.
The study for Mendip District Council found that the crowd of 177,500 people who attended last year’s festival each spent an average of £293.24.
Total spending at the festival site in Pilton by concert goers and traders was about £25.6 million, and off-site spend was about £26.5 million, giving a total spend of about £52 million directly linked to the festival.
Estimated spending associated with staging the 2007 festival was £21.2 million (over the period November 2006 to October 2007).
This gives a gross spend linked to the 2007 Glastonbury Festivals (including the Glastonbury Extravaganza and the Equinox ‘Pilton’ Party) of more than £73 million, according to the study, the first of its kind on the event, which was carried out by Bristol-based Baker Associates.
The aim was to fully understand the economic effects of the festival, and help to support the planning of future years.
Mendip District Council leader Harvey Siggs said: “Glastonbury Festival is such a huge event for Mendip.
“This study has revealed valuable information that, until now, has not been identified before. We’ve always recognised that Glastonbury Festival is an important event for our district and the country, but have never been able to judge just how important it is.
“The study has provided some important data which will not only help those involved to plan future festivals but also to look at how the festival affects Mendip.
“This information will enable us to better understand how it affects our local economy, which is so important to many aspects of our lives and business, and has shown us in detail how large scale events impact on our local area.
“I hope this study can be used by other festivals and organisations as a key educational tool to demonstrate the value and difficulties of large scale events.â€
by Phil Davies
Phil Davies
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