Visitors to Liverpool are expected to spend up to £40m during the week the city hosts the Eurovision Song Contest, according to a new economic forecast.
More than 100,000 visitors are expected to enjoy the week-long celebrations later this month.
Ahead of the event, NatWest has predicted that Eurovision fans will spend at least £40m over the course of the celebrations.
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Using Visit Britain domestic and overseas visitor spending data against information on visitor numbers and composition from the 2022 competition in Italy, NatWest has estimated that overseas visitors are likely to spend in the region of £28m, while visitors from the UK will spend around £12m in the city on hotels, accommodation and entertainment.
Malcolm Buchanan, chair of the North Regional Board at NatWest, said: "While the contest is coming to Liverpool because of awful global events, it is certain the city will put on a fantastic show that does the UK proud as custodians of Eurovision on behalf of Ukraine.
"We know that visitor economies across the North suffered greatly during the pandemic, so it is fantastic that the city will benefit from the increase in visitors and spending that an event like this brings.
"Hopefully as well as acting as a short-term boost for business, the song contest will also be a catalyst for further long-term growth in the city’s economy."
Janice Mears, head of business growth at Growth Platform – Liverpool City Region Growth Company, added: "The Eurovision Song Contest is such an exciting opportunity for the Liverpool City Region.
"Not only will people across the globe be watching this iconic event, but we also expect 100,000 extra visitors staying and enjoying our fantastic region, which of course means a huge boost in visitor spending.
"However, that isn’t the only benefit. Having such an iconic event here has enabled us to highlight to potential job seekers the significant role that hospitality plays in making sure visitors have an exceptional time here.
"That is why we have, with partners, been running a number of recruitment fairs across the region to fill current vacancies and to illustrate the exciting career opportunities available in the hospitality sector."
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