Businesses and the visitor economy in Coventry are set for a major boost when Godiva Festival returns for a 26th edition next month.
New figures have revealed that the city’s premier cultural event injected £1.67 million into the local and regional economy last year – with tens of thousands of people attending the festival and visitors spending additional cash with Coventry businesses.
The annual event, which celebrated its 25th anniversary, is held in Coventry’s War Memorial Park.
It returns this year from July 4 to July 6, with the line-up including headliners Ocean Colour Scene, Clean Bandit and Marc Almond of Soft Cell.
A survey of 1,200 people at the event highlighted that 75 per cent of attendees were repeat visitors but there is also a growing reputation for the event outside of the city, with 30 per cent travelling from other areas of the West Midlands and 11 per cent from elsewhere in England.
Coventry’s economy primarily sees a boost from overnight visitors and their onward spend in hotels, restaurants, pubs, bars, cafes and shops – with one in three visitors from outside the city doing something else in Coventry as part of their visit.
Non-Coventry residents who stayed overnight in the city spent on average £99 in the city’s businesses.
Godiva continues to maintain its popularity with attendees with 81 per cent of visitors saying they would return and one in three of non-residents surveyed highlighting they would be more inclined to visit Coventry again in the future.
The event organisation also brings a direct boost to the city by using local suppliers to deliver the festival and utilising accommodation in the city, with £390,000 of the total economic impact from investment in local contracts.
A total of 75 businesses were surveyed following the event, with 75 per cent expressing it has a positive impact on Coventry overall and 24 per cent expressing they saw a positive impact on their business.
Importantly, nine in 10 businesses believe Godiva generates a positive place impact on Coventry and 80 per cent said it benefits the wider West Midlands economy.
Amy Windsor is the general manager at The Telegraph Hotel in the heart of the city centre. She says bookings for the weekend skyrocketed after it was announced that the festival was returning.
She said: “The rise in bookings for the Godiva weekend was almost instant and it shows the power of a major event such as this. Other hotels, restaurants, bars and shops all see an uplift, which is great news for the whole city.
“We’re thrilled to see Godiva back again once more and with such a strong line up there is no doubt that it is going to be as popular as ever – which is fantastic for the local economy.”
Paul McMahon, Managing Director of Visit Coventry, said: “Godiva Festival continues to be a catalyst for cultural and economic activity in Coventry. It’s a flagship event for the city and it’s fantastic to see the impact it is having beyond the festival gates.
“This event demonstrates the widespread impact that cultural events can have on the economy.
“However, it’s clear there is still untapped potential with Godiva, with one in four businesses reporting direct benefits. By working in partnership across the city we can maximise the impact of the event, unlocking additional value for businesses and boosting the visitor economy.”
Cllr Abdul Salam Khan, Deputy Leader and Cabinet Member for Events at Coventry City Council, added: “Godiva Festival is a true celebration of Coventry’s vibrant spirit, local talent and community pride.
“Each year, it brings tens of thousands of people together for an unforgettable weekend, and it’s fantastic to see how the event buzz also brings a welcome boost to local businesses. It’s so much more than just a festival - it’s a highlight of the city’s calendar that puts Coventry firmly on the map.”
Cllr Jim O’Boyle, Cabinet Member for Jobs, Regeneration and Climate Change, said: “We’re incredibly proud of the Godiva Festival and the opportunities it brings for our city. From showcasing local artists to providing invaluable opportunities for Coventry businesses, the festival continues to have a positive impact on Coventry.
“Godiva Festival turns the spotlight to our city and it’s clear from the report that businesses are benefitting from that, which is great news.”
Tickets for Godiva Festival are on sale now at www.godivafestival.com