There’s good news for Coventry businesses and MotoFest fans, as the event’s economic impact is revealed. The headline number: an estimated £10 million overall boost to local business incomes.
Power Maxed MotoFest Coventry is, in comparison to other motoring and racing events, still quite young. After just five years running, it’s impressive to see it make such a positive impact on the local area.
The numbers reveal a 35 percent rise in spending at city-centre businesses, while visitor numbers to the city were up 25 percent. The 136,000-visitor figure is higher than at any other time during 2018, making MotoFest Coventry’s most well-attended event.
MotoFest went some way to filling 98 percent of hotel rooms – 4,677 of 4,708 rooms were occupied in the city over the weekend. For reference, the average weekend sees 60-65 percent of rooms filled.
Businesses in the city enjoyed a superb boost throughout the weekend. The Yard and The Litten Tree – local eating and drinking establishments – enjoyed a 50 percent increase in turnover.
“The MotoFest weekend brought a great buzz to the city and I look forward to next year,” said Richard Easter from LE Projects Ltd, which operates The Litten Tree and The Yard.
“It’s great to know we are providing a £10 million boost to the city by filling the tills, hotel rooms and city centre itself during the festival weekend” said James Noble, Power Maxed MotoFest Coventry Festival Director.