Flourishing following the selection as the host city to reflect Ukraine’s Eurovision Song Contest win in 2022, experts forecast Liverpool’s economy will benefit in the long run thanks to an influx of investment aimed toward all sectors, as well as residential.
Chosen among a strong bidding process, when approached byEurovision the city was examined for its facilities, the ability to accommodate thousands of visiting delegations, crew, fans, and journalists, as well as the key infrastructures and the cultural offerings available.
The celebrations
During the week-long contest, experts estimate that Liverpool is set to see over 100,000 visitors on its doorstep as they celebrate the 37 participating countries from around the globe.
A recent economic analysis by the NatWest Group forecasts as much as £40 million will be spent by visitors in the city, with £28 million coming from overseas investors. Commenting on the forecast, Chair of the NorthRegional Board at NatWest Malcolm Buchanan added, “…the song contest will also be a catalyst for further long-term growth in the city’s economy.”
Broadcasting not only the event, this once in a life-time opportunity will attract economic benefits worth over £5 billion across 160million viewers.
Long-term impact
To understand the long-term impact of Eurovision 2023, a series of evaluation studies are set to take place on the Liverpool City Region and across the whole of the UK, with an added focus on residents. In return,,the four studies aim to present the impact of the contest, helping towards the future bidding of and the delivery of future large-scale events and cultural activity.
Liverpool City Council projects the current impact of hosting the contest could see a ‘direct economic impact of between £15 - £30 million, an equivalent publicity value in the region of £100 million and a multi-year impact on tourism numbers of anywhere from 5 – 15%’.
Economic impact study
Looking at both the immediate and short-term legacy (one year on) on the local economy, the commissioned study will seek to understand the impact on increased investment, tourism and up skilling within the creative industries across Liverpool, the Liverpool City Region and the north west.
Cultural relations and soft power study
Exploring two questions, the cultural relations and soft power study aims to understand Eurovision’s role in developing shared values and mutual relationship during a time of conflict, as well as the role and impact of Eurovision within city/nation branding and soft power.
Leading the research, Dr Catherine Baker states “we’ll also be helping the British Council and its partners understand how far the event shapes the international appeal of the host city and country”.
Night-life Behaviour Study
Undertaking a unique approach, Liverpool John Moores University aims to examine the past, present and future use of alcohol and other substances during large scale events for the betterment of the city’s happiness.
Wellbeing and Sense of Community Study
By delivering an evaluation programme, the wellbeing and sense of community study aims to look at how hosting the song contest impacted the wellbeing and sense of community of local residents, and what it has achieved for them.
Contributing a total GVA of £32 billion into the UK’s economy in 2019, these studies could help to strengthen all sectors across Liverpool within the next 12 months, gaining further reasoning to invest in the region as well as a positive impact on potential yields within the region.
