Champions League final will raise Cardiff’s game
With the Champions League final a little over a month away, Cardiff is gearing up to receive tens of thousands of football fans.
And although there will be disruption and inconvenience for many residents, the economic benefits to the region will more than compensate in the minds of city officials.
The immediate impact is expected to be around £45m in direct additional spending in and around the city.
This figure is calculated from postevent reports from previous finals and is line with the experience of other cities that have hosted recent Champions League finals.
Lisbon hosted the final in 2014 and netted an estimated 45m. Of this, 54% was spent on overnight stays, 22% in restaurants and bars and 7% in tourist activities.
And when the final was held in London in 2011, the city earned an estimated £43m.
However, it’s not just the direct spend that it’s hoped will drive significant economic benefits Wales’ way. Cardiff Council is also hoping the city will benefit from a range of indirect effects that could add up to a and cover the event. For many, it will be their first exposure to Cardiff and Wales.
The event will also be a showcase for the Principality Stadium, which so far has been familiar only to the smaller global rugby audience.
It is also hoped that the extensive hospitality on match day, which includes an estimated 16,000 hospitality meals, will provide a valuable showcase for Welsh food and drink products, just as the Nato summit in 2014 did.
The culture and entertainment programme accompanying the final wlll also provide a showcase for both established and emerging Welsh creative talent.
And finally, access to rights and benefits associated with the event, including attendance at the match, will provides Welsh business and government bodies with an opportunity to engage with key inward investment and business targets.
The net impact of all this would be difficult, if not impossible, to calculate, and much of it might take years to become evident. But if all goes well, Cardiff could be feeling the benefits of hosting the Champions League final for some time to come.