Irish horseracing fans visiting from Ireland spent €22.3 million at the Cheltenham Festival in 2016. This was spread across travel, accommodation, tickets and entertainment.
This is according to an Economic Impact Analysis (EIA) carried out by the University of Gloucestershire on behalf of Cheltenham Racecourse.
The study, which is believed to be the first of its kind, sought to measure the direct economic benefits and participation of attendees who travelled from Ireland to The Festival. The analysis was compiled from 810 completed questionnaires and supplemented by data from Cheltenham Racecourse which showed that there were ticket sales to 12,750 individuals based in Ireland who purchased an average of 4.5 tickets each.
Fans based in Ireland bought 57,375 tickets, or the equivalent of 30% of tickets sold at the prestigious annual event.
On average, 14,343 visitors from Ireland attended each day of the four-day Festival. These figures do not include complimentary tickets, hospitality bookings, owners and trainers badges or tickets purchased by further numbers of Irish patrons living in the UK and abroad who also attend The Festival.
Furthermore, statistical analysis of ticket booking data has shown that over the past six years, since 2010, the number of Irish ticket bookers at The Festival has increased by 22%.
In response to the questionnaire, attendees spent an estimated €22.3 million over the course of the week. The highest spend was on entertainment (betting etc) €5.23 million, followed by food and drink €4.5 million, accommodation €4.1 million and entry fees €2.6 million.
Average spends per attendee included entertainment €556, tour package €508, accommodation €419 and food and drink €374.
Commenting on the data, Chief Executive of Horse Racing Ireland, Brian Kavanagh said, "The importance of Cheltenham to Ireland goes beyond just the punters and racegoers as winning there is of vital importance to owners, breeders, trainers and jockeys and can be the highlight of a career, or the making of a horse’s pedigree.
He added, "Cheltenham has often been described as the Olympic Games of Jump racing and we are all counting the days to Tuesday 14th March."
Source: www.businessworld.ie
