What is the impact that a Formula 1 GP is able to have on the local area that hosts it? The question is very interesting and to find an answer, the Municipality of Imola commissioned a study from JFC to analyze the three main events that took place at the Enzo and Dino Ferrari in 2022.
In addition to the Emilia Romagna Grand Prix, the Pearl Jam concert and the Imola Crame Exchange Exhibition were also taken into consideration: three different types of events, for which the economic impact generated on the area was measured.
Massimo Feruzzi, author of the studies, explained today in a press conference that took place in the Media Center of the Imola racetrack and presented the results on the economic impact which the three events have generated on the territory.
The numbers are surprising: “The picture that emerged from the studies carried out by JFC on the impacts of the events which took place in 2022 – explained Marco Panieri, mayor of Imola – is a success and gives us numbers beyond the expectations we had had in recent months and which show attendance at the racetrack during this year was over 450,000. I want to extend a sincere thanks to Formula Imola, Con.Ami, the Emilia-Romagna Region, President Bonaccini and all the governance partners who made these results possible. The balance is largely positive: not only the Grand Prix and the big concerts, but the whole calendar confirms that the racetrack system can generate direct and indirect economic benefits throughout the Imola area and beyond”.
The analysis by Gian Carlo Minardi, president of Formula Imola, is clear: “The racetrack is a public entity but operates on the market and must therefore act with a corporate mentality. For this reason, we commissioned this study on the economic impact of the activities on the territory in order to have useful evaluation data available not only for understanding the economic sustainability of events and activities in general but also for making any changes and improvements. I must say that once again the Imola system worked perfectly and I want to thank the Municipal Administration, Con.Ami and IF for having fully supported us in carrying out this study”.
The three Studies – carried out by JFC – focused on three types of benefits:
Direct, i.e. the value relating to the consumption of the various clusters/targets of participants in the event, in relation to their expenditure in terms of goods and services. These are the benefits that are gained immediately by local companies, deriving from the expenses incurred by each type of event participant; indirect, i.e. the total value of the expenditure generated by all the companies that have been involved in the production of the goods and services used by the participants. Expenditure necessary to meet the products and services demands, thus determining the companies themselves to increase their purchases;
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Induced, i.e. the value that the event is able to produce on the level of employment and on the increase in consumption in the local area. It is a reaction chain that is generated thanks to the increase in the spending capacity of the workforce.
The F1 Grand Prix was attended by 42,614 fans with an average stay of 4.3 nights. The spectators who took part in the event over the three days of competition (22, 23 and 24 April) were instead 129,656. The level of fans which arrived from other countries was 67.4%.
The primary profile of spectators at the event is characterized by males in 79.9% of cases, aged between 50 and 59 (27.2%), who came to the event with their families ( 33.3%) and with own car in 67.4% of cases.
Overall, the economic benefits generated thanks to hosting of the GP can be quantified at 274 million 167 thousand euros. Of these, the direct benefits, therefore the economic values for the territory by all those who participated in the event, amounted to just over 30 million euros, while the indirect benefits, i.e. those activated to respond to the needs of goods and services for the organization of the event and various types of local services amounted to 22 million 700 thousand euros.
The induced benefits amount to a total of approximately 13 million euros. Other values are those generated on the supply chain – legacy – and on the enhancement of the Imola brand as well as the average ADV value: these are above all long-term benefits, quantified respectively at 36 million and 172 million euros.
The total that is obtained from the Formula 1 GP is about 274 million euros to which we can add the 15.7 million from the Pearl Jam concert and the 6.7 million from the Imola Mostra Cambio del Crame, for a total figure that reaches almost 300 million euros!
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