Sport tourism related to Valencia Marathon brings 7.3 millions of Euros to the city
The sport tourism favoured by the last edition of the marathon brought 7.3 millions of Euros to the city. This figure is shown in the research carried out by the IVIE (Valencian Institute of Economic Research), headed by the faculty chair of Economics of the University of Valencia, Joaquín Maudos, who has been analyzing the economical impact of the Valencia Marathon since 2011; an event organized by the SD Correcaminos and the Valencia City Council.
According to the IVIE report, the race held on the 17thNovember 2013 led a total expenditure of 8,463,563 Euros in Valencia, 30% more than the 2012 edition. From this total expenditure, 86.4% (7,309,919 Euros) corresponds to the expenditure made by the sport tourist who has come to Valencia together with some partners to participate and enjoy the marathon or the 10-K race. Whereas, the expenses needed in the organization of the event come to 1,153,644 Euros (13.6% from the total expenses).
An economic impact of 3.9 € of profit per each euro invested
The athletic event caused and economic impact of 3.9 Euros of profit per each euro invested by the organization. These figures increase by 36% the economic profitability of the event with respect to those obtained in the 2012 edition, which stood at an impact of 3.2 Euros. Furthermore, the cost related to the Marathon has generated a total of 5,225,696 Euros of income (GDP) and 186 jobs in Valencia.
Compared with the results of the previous edition in 2013, the economic profitability has been higher due to the higher number of participants (nearly 4,000 more runners among the marathon and the 10-K race). The fact that the number of participants has significantly increased practically without altering the budget means moving from a scene of 3.2 Euros of profit, in 2013, to obtain a figure of 3.9 Euros per each euro spent in the organization.
This indicates a multiplier effect of the impact generated by Valencia Marathon in the city that has continued to grow over time, considering that the first reference was set in the 2011 edition, where the estimation of the return generated was established at 1.7 € per euro invested. Thus, is confirmed, also in economic terms, the power of the event as a source of wealth for the city.
Regarding to the addressees of the economic impact of the marathon and the 10-K race, the research concludes that primarily has been reflected in the service sector, in which hotel industry, trade, real estate and business services have occupied 90% of the economic impact of the event.
Valencia City Council, together with SD Correcaminos, both as organizers of the Valencia Marathon, has raised the need to quantify the economic impact related to the event. The purpose of this study, using input-output methodology, intends to reflect the commitment to new ways of promoting sports tourism to attract visitors to the city, as stated in the Valencia Strategic Plan for Sport.
The report carried out by the IVIE might be read and downloaded at the following link.