Punchestown Festival worth nearly €60m to economy

The Punchestown National Hunt Festival — Irish horse racing’s equivalent of the Cheltenham Festival — generated nearly €60m for the local economy last year, according to a study by NUI Maynooth.

Visitors to the five-day April meeting spent nearly €25m on accommodation, while female festival goers spent a combined €7m on attire for their visit — amounting to an average individual spend of €196 in the run-up to the event.

Some €21.4m was spent inside the racecourse last year — more than a quarter of visitors spent between €200 and €500 each.

This went on a number of areas such as betting, food and drink, as well as other items at the various commercial stalls on site.

Some €6.6m was spent on travelling to and from the course. The €59.8m total breaks down to an average daily spend of €12m.

Despite the wider economic downturn, the meeting attracted a near-record attendance of almost 96,000 people in 2011; 19,200 of whom travelled from Britain.

British visitor numbers to the festival have increased by 23% since 2005.

While the majority of attendees visited the festival for one day, 36% attended for longer than that.

“It is extremely heartening and encouraging that, even in the face of a severe economic downturn, the festival is delivering a very substantial economic dividend to Kildare, its surrounding areas and the wider economy,” David Mongey, chairman of the Punchestown Festival, said.

He said the annual festival remains an event “of great significance” to the people of Kildare and its surrounding areas.

In terms of a breakdown of visitors, nearly 60% last year came from Kildare and Dublin while 5% of visitors made the trek from Cork.

Professor Rowena Pecchenio, who heads the Department of Economics, Financing and Accounting at NUI Maynooth, carried out the evaluation report.

She said: “It’s clear from our findings that the Punchestown Festival makes a very substantial economic contribution annually to Kildare and the surrounding areas. The direct economic value of the 2011 festival was estimated at about €60m, although another €9m-€12m could be added to account for the indirect economic or expenditure multiplier effects.”