Events boost Liverpool economy by £73m

The research, commissioned by Liverpool City Council and carried out by Vector, revealed that the Sea Odyssey spectacular to mark the centenary of the Titanic’s sinking in April generated spending of more than £46m, making it the most economically successful event in the city’s history.

Around 800,000 visitors watched giant puppets from French theatre company Royal de Luxe roam the streets, telling a story inspired by the vessel’s sinking in 1912.

The annual Mathew Street Music Festival on 26 August brought in £20m - the same amount as the two-day festival in 2011. Around 180,000 people descended on the city centre to watch live local bands and tribute acts.

The two-night Music on the Waterfront concerts in July, which saw the Royal Liverpool Philharmonic Orchestra perform with stars such as Russell Watson, pulled in crowds of 24,000 and generated £2.3m. The Irish Sea Tall Ships Regatta in August and September brought in £2.1m and attracted 70,000 people.

In separate research compiled by Locog, the Olympic Torch Relay’s visit to the city in June was credited for a £2.5m boost. Crowds of 125,000 lined the streets to cheer on local torch bearers and 23,000 people attended an evening celebrate on the Pier Head featuring The Wombats in a special homecoming gig.

Joe Anderson, mayor of Liverpool, said: "One of the great things about this year is that two of the major events took place in areas outside the city centre. Sea Odyssey shone a spotlight on north Liverpool and the iconic Olympic torch travelled through many of our communities. It’s important never to underestimate the value of cultural events: not only do they bring in huge economic benefits, but this year’s programme has supported nearly 1,500 jobs which, in this current climate, is extremely valuable."

The report suggests the events has an overwhelmingly positive impact on visitors, with 94.5% of respondents describing the events they attended as ‘good’ or ‘very good’.

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