The 2023 Cape Town E-Prix generated more than R1 billion in economic activity, making it one of the City’s largest events over the past decade.
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This is according to the Nielsen Sports Study, which also found that the event raked in nearly R70 million in global media value during its economic evaluation of the 2023 Cape Town E-Prix.
The race attracted thousands of visitors from across the globe to the Green Point precinct, creating a surge in business for hotels, restaurants and bars, ESI Africa reports.
‘Nielson Sports Host City evaluation assessed the impact on its host city across three critical areas,’ says Jean Willers, Nielsen Sports managing director. ‘Firstly, fan attendance, based on ticketing data and fan research, with 53% of spectators from outside Cape Town and 69% of all fans indicating that they would advise others to visit Cape Town.’
‘Secondly, economic impact, through expenses of event attendees, event organiser, teams, sponsors, media, and hospitality guests. Lastly, media impact, through analysis of the global TV exposure, social media, online, broadcast and print media coverage for the city of Cape Town.’
Furthermore, the Nielsen study also found that since the Formula E cars were powered by renewable energy, they had a positive impact on the environment.
Cape Town Mayor Geordin Hill-Lewis says the event was a huge success in terms of global exposure and economic benefits. ‘It surpassed all expectations, and we are proud to have hosted such a prestigious event.’
According to Western Cape Premier Alan Winde, the success of the event confirmed the province’s status as ‘the region of choice for events that suit everyone’s needs. It has added to the boost our province’s economy needed post-COVID-19. We can not wait to welcome Formula E back to our province. Its success here in Cape Town is astounding and helped showcase the city and province’s ability to host world-class events.’
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Picture: Cape Town E-Prix / Facebook