Birmingham could take a financial hit of £187million following the cancellation of this year’s German Christmas market, it has been revealed.
New figures show that the axing of the festive event could cost the city millions in income as visitors are forced to stay away as a result of the pandemic.
Birmingham is expected to be one of the hardest-hit cities due to the market’s cancellation, with only Manchester expected to be hit harder.
According to a study carried out by Where the Trade Buys, around 5.5 million visitors were expected to attend the market throughout November and December and are assumed to have spent an average £34 each – on food, drinks and ice skating.
The most recent study on the market’s economic benefit – conducted in 2016 – showed the annual event attracted 4.6million visitors that year and generated a consumer spend of £399.8million. A separate study, in 2017, found that the average visitor spend was £60.
Birmingham City Council leader Ian Ward told BirminghamLive he was looking forward to welcoming visitors to the market next year.
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He said: “The Frankfurt Christmas Market has played a major part in the city’s festive celebrations for 20 years and attracts millions of visitors each year, providing a huge economic boost as they also visit Birmingham’s shops, hotels, bars and restaurants, and other attractions.
“So the Frankfurt Christmas Market’s absence from our city centre will be felt as businesses gear up for Christmas in what has been a challenging year but we look forward to welcoming them back next year.”