The British economy benefits to the tune of £35million from the Goodwood Revival Meeting it has been revealed, with nearly £5million raised in VAT alone for the Government.
The news comes hot on the heels of a similar study – also by the Federation of British Historic Vehicle Clubs (FBHVC) and the University of Brighton – on the economic impact of the Beaulieu International Autojumble.
The data was gathered at the 2012 Revival by quizzing almost 1500 organisers, visitors, competitors and exhibitors.
Using a study area of 20km around Goodwood, the survey showed that the local economic benefit in cash paid for accommodation, fuel and travel, shopping and entertainment totalled some £12million.
The event also provides temporary employment for 350 people and generated almost 50,000 "person nights" accommodation both inside and close to the study area.
Lord March said of the findings: "One of the obstacles we faced in the early years was planning control.
"We argued that allowing motor racing on a limited number of days in the year would enable us to invest more in the Goodwood Estate and that would bring real long-term benefits to the local community.
"It is also obvious that the Goodwood motor sport events bring benefits to the area, but, until now, we have only been able to think of these in qualitative terms.
"This report has shown that the Goodwood Revival alone brings in substantial spending to our part of the country that wouldn't otherwise have come here."
The FBHVC is keen to promote these studies because the economic benefits can help safeguard classic car events and give them more sway with local authorities for growing in the future.
The overall stats also give the Federation greater lobbying power in Westminster.
Some of the results from the study:
- 145,398 people attended the 2012 Revival, with 60% of the general public (excluding GRRC members) attending just one day.
- Some 90% of the public (of whom 30%-plus were first-timers) also said that they would come again.
- More than 40% of the public own an historic vehicle, but only 15% travelled to the Revival in one.
- Upwards of 55% of the public were aged under 55 and roughly the same number were from the South East of England.
- 21% of competitors and around 10% of visitors were from outside the UK.
- The Bonhams auction raised £13million and with it £500,000 in VAT receipts.
The full report can be downloaded from the FBHVC website.