How Will Liverpool Benefit from Eurovision 2023?

How Will Liverpool Benefit?

Tourism

Tourism levels will rise with an estimated 50,000 people in attendance for the event. Furthermore, the broadcast will attract about 200 million viewers at home, putting Liverpool in the global spotlight. In the long term, this will keep tourism levels rising by an additional 5% per year. As a result of heightened tourism levels, local businesses across the city will benefit from increased footfall.

Furthermore, this increased footfall will benefit short-term lets, hotels, and transport businesses within the city. In fact, accommodation prices have risen tenfold for the event dates. Tourism currently accounts for 50% of the city’s annual economic income, so the city will be keen to continue to build on the momentum.

Job creation

Eurovision will create over 5,000 jobs in Liverpool city regions, with pop-up job centres created to fill key positions required. These positions will be across a range of industries, from media to hospitality. The recruitment drive across Liverpool is expanding to areas beyond the city centre, as the positive influence of the Eurovision event has a ripple effect throughout the city.

Whilst some jobs will be temporary, the increased experience of residents will open up further opportunities in the city. Whilst, Liverpool City Council has assured that many jobs will be permanent contracts. Furthermore, it will allow locals to showcase the best of their abilities. The success of the event could open the door to future events to be held in the city, creating further opportunities and sustained growth for the job market.

Economy

The event is expected to net up to £30 million in profit, which will go into the local economy of the city. Liverpool City Council has invested heavily in recent years to create new homes and jobs in the city. As a result, the £30 million profit generated through the event will be reinvested into regeneration projects around the city.

The long-term boost to tourism is expected to raise up to £260 million by 2026, according to the Liverpool City Region Combined Authority. This is expected to help the city exceed the projected 6% economic growth, which was forecasted in 2022. Furthermore, the UK government has invested an additional £10 million to help the city facilitate the event, which will be used to increase the quality of venues and running costs.