Department of Economic Development Marketing Strategy for TT and Festival of Motorcycling delivers significant growth
Posted: Mon Nov 02, 2015 7:41 pm
press release from IOMTT Press Office
The results from visitor surveys undertaken by Isle of Man based Research Offshore for the 2015 Isle of Man TT Races and 2015 Isle of Man Festival of Motorcycling have shown significant growth in the number of visitors to the Isle of Man and the economic contribution that both events make.
The Department introduced a new marketing strategy for the events in 2011 with funding from the Government's Marketing Initiatives Fund. This new marketing approach coincided with the launch of the Classic TT Races and the evolution of the Manx Grand Prix Festival into the Isle of Man Festival of Motorcycling.
This year's TT Races attracted over 42,000 visitors while the Festival of Motorcycling attracted over 15,000 visitors. This represents visitor growth of over 42% over a six year period, the majority of which has occurred since the introduction of the new marketing strategy in 2011.
The two events combined generated almost �28,000,000 for the Isle of Man economy in 2015, which is an increase of �11,900,000 from a 2009 Treasury survey figure, an increase averaging 12% per year. The benefit to the exchequer has also risen sharply during this period increasing from just over �3,000,000 in 2009 to �5,000,000 per annum by 2015 giving average annual growth of 11%.
The surveys also showed that over 30% of the visitors in 2015 were attending one of the events for the first time, which represents almost 15,000 new visitors to the Isle of Man this year alone.
It was announced that the Department will shortly start looking for an independent promoter to further develop the commercial and marketing programme for the TT and Classic TT, and to ensure these opportunities for further benefits to the Manx economy and taxpayer are realised.
David Cretney MLC, Department of Economic Development Member with responsibility for Motorsport commented:
"The results outlined in the recent TT and Festival of Motorcycling surveys demonstrate just how effective our marketing approach to both events has been in recent years. The TT continues to enjoy year on year growth in all measureable areas, whilst the introduction of the Classic TT and the formation of the Festival of Motorcycling has delivered sharp increases in visitor numbers and spend in a very short period of time."
"The Department will have spent �4,600,000 by year end delivering these two events for 2015. With commercial income streams for both events rising sharply to over �2,400,000 for 2015 and with the benefit to the exchequer of �5,000,000, we are delivering almost �3,000,000 worth of net receipts back to Treasury while at the same time generating almost �28,000,000 for the Manx economy on an annual basis."
The results from visitor surveys undertaken by Isle of Man based Research Offshore for the 2015 Isle of Man TT Races and 2015 Isle of Man Festival of Motorcycling have shown significant growth in the number of visitors to the Isle of Man and the economic contribution that both events make.
The Department introduced a new marketing strategy for the events in 2011 with funding from the Government's Marketing Initiatives Fund. This new marketing approach coincided with the launch of the Classic TT Races and the evolution of the Manx Grand Prix Festival into the Isle of Man Festival of Motorcycling.
This year's TT Races attracted over 42,000 visitors while the Festival of Motorcycling attracted over 15,000 visitors. This represents visitor growth of over 42% over a six year period, the majority of which has occurred since the introduction of the new marketing strategy in 2011.
The two events combined generated almost �28,000,000 for the Isle of Man economy in 2015, which is an increase of �11,900,000 from a 2009 Treasury survey figure, an increase averaging 12% per year. The benefit to the exchequer has also risen sharply during this period increasing from just over �3,000,000 in 2009 to �5,000,000 per annum by 2015 giving average annual growth of 11%.
The surveys also showed that over 30% of the visitors in 2015 were attending one of the events for the first time, which represents almost 15,000 new visitors to the Isle of Man this year alone.
It was announced that the Department will shortly start looking for an independent promoter to further develop the commercial and marketing programme for the TT and Classic TT, and to ensure these opportunities for further benefits to the Manx economy and taxpayer are realised.
David Cretney MLC, Department of Economic Development Member with responsibility for Motorsport commented:
"The results outlined in the recent TT and Festival of Motorcycling surveys demonstrate just how effective our marketing approach to both events has been in recent years. The TT continues to enjoy year on year growth in all measureable areas, whilst the introduction of the Classic TT and the formation of the Festival of Motorcycling has delivered sharp increases in visitor numbers and spend in a very short period of time."
"The Department will have spent �4,600,000 by year end delivering these two events for 2015. With commercial income streams for both events rising sharply to over �2,400,000 for 2015 and with the benefit to the exchequer of �5,000,000, we are delivering almost �3,000,000 worth of net receipts back to Treasury while at the same time generating almost �28,000,000 for the Manx economy on an annual basis."
