With both the Edinburgh International Festival and Edinburgh Festival Fringe about to get under way, the Scottish Licensed Trade Association is confident that the events will bring a much-needed boost to the hospitality sector in the city and other parts of Scotland.
The Edinburgh Festivals showcase what all of Scotland has to offer and with Edinburgh recently voted the best city in the world to visit, this is exactly the right time for the licensed hospitality sector to shine just as brightly as the acts on stage at the festivals this month.
Festivals Edinburgh believes that the events, along with four other festivals taking place in the capital this summer – Edinburgh Art Festival, the Royal Edinburgh Military Tattoo, Edinburgh International Film Festival and Edinburgh International Book Festival – will generate an economic impact of around £313 million.
Colin Wilkinson, managing director of the SLTA commented:-
‘As the main Edinburgh International Festival and Fringe launch this week, the influx of visitors to the city from all over the world will bring a much-needed boost to hospitality businesses which have had a desperate couple of years due to the pandemic, the implications of Brexit and, more recently, spiralling cost increases.
Festival season is also hugely popular with locals and those who live in other parts of Scotland, so it is fantastic to feel the vibrancy of Edinburgh at this time of year and see it coming to life once again as people reclaim their confidence and get out and about in the city to enjoy the varied programme of events and make the most of the rest of the summer.
Bars, restaurants and nightclubs are very much part of the mix with food and drink and hospitality particularly contributing to the local economy during festival season.
While the festivals are only back to about 80% of where they were in 2019, it is hugely encouraging that Festivals Edinburgh is forecasting an economic impact in the region of £313m based on previous returns.’