Olympia’s £1.3 billion redevelopment is set to inject more than £600 million into the UK economy, according to new socioeconomic data from economic consultancy Volterra.
The data reflects the mayor of London’s recently published growth plan, highlighting Olympia as an internationally important visitor destination, and is projected to directly attract 3.5m visitors to historic event spaces, new hotels and performance venues.
Including the footprints of local residents, workers, diners and general visitors, Olympia’s annual footprints amount to around 10 million across destinations.
“We are committed to providing a range of services to our customers,” said Lloyd Lee, managing partner at Yoo Capital. “This new data confirms what we have always believed in. Strategic, long-term investments in culture and creative industries will bring important economic benefits. As an important pillar of investment in the UK, Olympia will further strengthen the substantial economic contribution of the nation’s cultural and creative industries, further strengthening ‘Brand Brighton’.
Andy O’Sullivan, CEO of Olympia Events, added: “This investment is not just about bricks and mortar, it’s about defending the event sector as a proven economic multiplier. Whether it’s a global conference or exhibition, or a groundbreaking cultural moment, Olympia is the setting for innovation, competition and competition.”
With the theatres, music and events that are on the list of international visitors to the capital, Olympia is expected to attract a significant portion of London’s 20.3 million international visits.
According to London & Partners, 15% of London international tourists have since visited other UK destinations and donated more than £640 million a year to these local economies, demonstrating the national economic impact of Olympia.
Direct spending by participants at Olympia’s exhibitions, conferences and events alone is expected to reach £256 million a year.
Total expenditures related to Olympia’s exhibitions, conferences and events, including accommodation, transportation and other related expenses, could reach up to £1.3 billion, a surprising 27% of the UK’s total.
Olympia also significantly boosts the UK’s tourism economy and increases visitors’ spending.
3.5 million visitors to Olympia’s event space, new hotels and performance venues will support an estimated annual spending of £464 million, including retail, food, beverage, travel and accommodation.
Overall, Olympia’s transformation supports roughly 7,000 direct jobs, representing an impressive 22x increase from previous capabilities, supporting an additional 2,000 jobs since London through supply chain and spending effects.
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