The Falmouth Tall Ships Regatta 2014 provided an economic boost to the tune of £20.9 million in associated spend, with £10.5 million directly attributable to the event, according to an official impact report.
The study, which was commissioned by Visit Cornwall, says that 197,000 people poured into the Falmouth area and increased the turnover of local businesses by an average £10k.
The welcome influx in customers during the regatta led 40% of businesses to extend their opening hours while almost half increased staff levels.
Overall the regatta returned a healthy £25.89 of additional money into the Cornwall economy for every pound invested.
And the report highlights that the event didn’t just make businesses smile. The Falmouth Tall Ships Regatta 2014 was the main reason for choosing to visit Cornwall for 66% of visitors and with satisfaction levels at 4.73 out of 5, the event inspired 97% to visit Falmouth or other parts of Cornwall again.
Falmouth Tall Ships Event Manager, Sam Groom, adds: “These results clearly highlight how well-organised events can deliver significant economic benefits and their importance to community wellbeing in terms of social outcomes.”