Cambridge City Council, organisers of the Cambridge Folk Festival, today (24 June) confirmed the findings of a recent study to assess the positive impact of the annual event to the local economy.

The study was undertaken by students at the University of Cambridge Judge Business School who were asked to identify and quantify the financial value of the Festival to the local economy, particularly to local business and industry.

Among the findings of the study were:

• The Festival brings approximately £1,667,000 per annum (direct impact) to the local economy.
• In comparing the impact to other similar festivals, the Cambridge Folk Festival scored significantly higher – 53% of local businesses surveyed said that the Folk Festival had a positive impact on the area compared with 37% for Glastonbury and 26% for V Festival.
• The average spend in Cambridge from a non-local attendee of the Festival is £94.51 compared with £47.80 from an average Tourist.
• Of the £1,667,000 that is brought to the local economy, £1,484,000 is spent at businesses off site. The remaining £183,000 benefits local businesses that are trading at the event.
• The key areas the money is spent are accommodation, pubs, bars and restaurants and groceries.

The study was undertaken by surveying and interviewing 104 local businesses, 36 on-site businesses and also through 880 responses from non-local people attending the Festival.

Among the reasons cited for the significant figure injected into the local economy are the loyal audience for the event and the fact that the Festival is located with easy access to the city centre.