According to research carried out by the Power Maxed Motofest Coventry event team, the event provides a £10 million boost to the city’s economy.
The research was conducted with Coventry Business Improvement District (BID), sponsors and exhibitors. Based on average spend, business uplift, visitor footfall and hotel occupancy rates, the research suggests that the event provides a £10 million injection to city profits – only five years after Power Maxed Motofest Coventry first took to the city’s roads.
The numbers revealed a 35 per cent uplift in spend to city centre businesses during the two days of Power Maxed Motofest Coventry in June. Visitor numbers received a 25 per cent boost with more than 136,000 people recorded in the city on both days of the festival – the most visitors into Coventry recorded at any time during 2018.
Hotel room occupancy rates for the Power Maxed Motofest Coventry festival were at 98 per cent – which equates to 4,655 of the 4,706 hotel rooms available in the city being occupied that weekend.
James Noble, director of Power Maxed Motofest Coventry, commented: “It’s great to know we are providing a £10 million boost to the city by filling the tills, hotel rooms and the city centre itself during the festival weekend.Working with our partners, we have sought to calculate the impact of the event based on a range of data available to us. Overall, we think it’s quite a conservative estimate as we don’t have a complete picture for some areas such as footfall figures.
“It motivates us to continue developing and growing MotoFest Coventry and reinforcing its status as the largest urban motorsports festival in the UK.”
Adam Weaver, managing director of Automotive Brands, parent company of Power Maxed, added: “It’s just brilliant news to hear how much the event has both positively impacted on the economy in our local major city and brought awareness of the cars we love to the masses at the same time.We have been involved for a few years now, each year increasing our involvement and are incredibly proud to be involved. We just can’t wait to help make the event even better in 2019.”
Trish Willets, director of Coventry BID, said: “Year after year MotoFest Coventry proves an excellent event for the city bringing in thousands of visitors.Many of our businesses had a fantastic weekend at this year’s event, it was extremely successful for them and these figures show that. With UK City of Culture 2021 on the horizon, the economic benefits of holding major events in the city is clear for all to see.”