The City of Cape Town has announced a significant economic boost of nearly R4 billion from the events hosted in 2023. This impressive figure includes the Netball World Cup, ICC Women’s T20 World Cup, Formula E race, Loeries Creative Week, and the Tweede Nuwe Jaar Minstrel Street Parade.
The City’s Events Permit Office issued permits for over 1,200 events throughout the year. Research studies on three key events revealed a R2 billion economic impact, taking into account direct and indirect economic contributions and destination marketing. An additional R1.9 billion in economic activity was generated by 20 other events held in the city.
- The R4 billion boost encompasses various economic factors, including direct and indirect impact, destination marketing, and more.
- Research on three major events showed that they contributed R2 billion to the economy of Cape Town.
- Attendees, participants, and organizers of the top 20 events generated R1.9 billion in direct spending within Cape Town.
- The 20 events created over 26,000 job opportunities within the events ecosystem, benefiting sectors such as security, catering, logistics, and transportation.
- Events have proven to be catalysts for growth in sectors like accommodation, food, travel, local retail, and tourism attractions.
- Event organizers mainly utilized local suppliers for logistics, equipment rental, security, production, staffing, and hospitality.
- Hosting local and international events has significantly promoted Cape Town as a premier tourism destination globally.