ACE - Association for Conferences and Events

There has been a lot of debate about the likely economic impact of hosting the 2012 Olympic Games for Britain.

Against this backdrop and of increases in the finance needed to stage the Games, it is essential to try and establish a more accurate consideration of the economic advantages of the Games. If we can do this, we can begin to determine its potential value.

Before commissioning this study, industry had nothing to inform its decision-making except early Government estimates that 50-75% of the economic legacy (overall value estimated at £1.4-2bn) would derive from increased visitors and tourism revenue.

With this study we have a more robust view of how tourism performance in host countries responds to the publicity and pressure of the world’s biggest sporting event. Overall, the findings should bolster confidence in the potential of the Games to be a catalyst to long term growth for tourism.

That said, Atlanta and Sydney show that success is not guaranteed. It will be hard work conditional on investment, planning and creative marketing.
The last Prime Minister said that “holding the 2012 Games is a once-in-an-era -opportunity for British tourism” and he was right. That this is the biggest visitor event to happen in fifty years is something on which we all agree. Less clear is how exactly his successor, and his Government, will deliver the tourism legacy.

Tourism is estimated to generate £85bn per annum for the economy – that is £9m an hour or 7% of GDP. The timing of the Games allied to a strong performance by London in visitor
growth should now set the tone for an exciting decade in British tourism. That is the prize we should all unite behind – Government, industry and consumer.

Grant Hearn
Chief Executive - Travelodge

Download your FREE copy of the report here