Edinburgh’s festivals are ‘world leading cultural brands’ that contributed nearly £500m to the city’s economy in 2022, according to the Edinburgh Festivals Impact Study.
However, the report found most of the economic impact benefits hospitality and tourism rather than the cultural programmes themselves, which includes the Fringe, Edinburgh International Festival and Edinburgh International Book Festival.
It reveals the 11 annual festivals generated 3.2m attendances from 700,000 attendees across 2022, putting them on a par with the FIFA World Cup.
The festivals created 5850 full-time equivalent (FTE) jobs in Edinburgh, while the rest of Scotland also enjoyed an economic uplift, with an impact of £367m and support for 5000 FTE jobs.
The impact study surveyed more than 22,000 people for the report, conducted by BOP Consulting, and found 51% of festival-related spending in the city was on accommodation last year, while 25% was on food and drink.
While welcoming the “positive impact our festivals have on businesses, jobs and livelihoods”, Simon Gage, Festivals Edinburgh Chair, said: “In this instance our impact is primarily felt by the tourism and hospitality sectors, not by the festivals themselves and the people who make them happen”.
He added the “unique cultural programmes” of Edinburgh's festivals “are hanging each year by a precarious financial thread, damaged by Covid lockdowns and over 15 years of declining investment”.
Gage continued: “We call on all funders and supporters to come together to consider their long-term role in helping the Edinburgh Festivals remain Scotland’s world leading cultural brands and a crucial economic powerhouse for people’s jobs and livelihoods”.
Scottish Culture Secretary Angus Robertson added: “This report highlights the major impact of Scotland’s international festivals”.
“We recognise the impact of the pandemic and cost of living crisis, and are currently reviewing the national events strategy with VisitScotland and the sector to ensure Scotland continues to be the perfect stage for events.”