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FORMULA 1
F1 GP should generate an impact of R$2 billion on the economy of São Paulo
The only stage of the category in Brazil and South America will be held between the 1st and 3rd of November
Published on October 29, 2024 at 3:21 pm
São Paulo GP will be held this weekend Credit: Michael Potts F1/Shutterstock.com
The São Paulo Formula 1 GP is expected to generate an economic impact of R$2 billion in the capital of São Paulo this year. The estimate, made by the City Hall, exceeds the figure of R$1.64 billion reached in 2023. The GP will be held next weekend at the Interlagos Autodrome – the cars will take to the track from Friday morning to the only free training session of the stage.
The economic impact figures are based on expected attendance for this year. The GP organization projects a new record, surpassing the 267,000 motorsport fans who attended Interlagos over the three days of the event last year. It was the third consecutive attendance record at the Brazilian GP.
F1 fans present in the city generate economic activity in the city by visiting hotels, restaurants, bars and other services offered by the largest capital in the country. According to the City Hall, the public who attended the race track in 2023 generated R$ 973, 8 million over the weekend. The GP organization itself, in addition to sponsorships, broadcasting and media, reached R$663.8 million last year, totaling R$1.64 billion.
The projection is for an increase of 21% over last year’s economic movement, reaching a value of R$2 billion. If the figure is confirmed by future research, it will be a new record, surpassing the historic number from 2023.
The City Hall believes that this year tourists will surpass the average consumption of R$4,689.00 per person recorded in 2023, according to a public profile survey, carried out by the Tourism and Events Observatory (OTE), of São Paulo Turismo ( SPTuris), with support from Fundação Getúlio Vargas, throughout last year’s GP.
“The São Paulo GP has a natural highlight in the strategy of attracting audiences from the interior of São Paulo, other states and abroad through events. It is a loyal tourist, who consumes the city’s products and services, democratically warming up various sectors economic and, as a consequence, with a positive social impact through the generation and maintenance of jobs. Events and tourism are labor-intensive activities”, said Gustavo Pires, president of SPTuris, a City Hall company.
The same survey, which interviewed 1,219 people between November 3 and 5, 2023, revealed that Argentines dominate among the foreign audience at the Brazilian GP. This year, the South American neighbors should be even more numerous in Interlagos. Driven by the presence of Franco Colapinto at Williams, around two thousand Argentines have already purchased their tickets for the stage, according to the GP organization.
After Argentina, the countries that send the most tourists to Brazil for the GP are Chile, Colombia and Uruguay. The sixth position in this ranking belongs to Peru, which is followed by the surprising Switzerland, which has no drivers on the grid. Paraguay, Bolivia and the United States complete the Top 10 of foreigners in the Brazilian GP. Tourists from outside Brazil represented 12.2% of the total audience at Interlagos in 2023.
Among Brazilians, the majority of the audience at the race track is from São Paulo (62.8%), followed by Minas Gerais (8.3%), Paraná (7.2%), Santa Catarina (5%) and Gauchos (3.6%). %). the locals accounted for only (3%) of the audience that was in the stands.
According to the survey, the majority of tourists look for other attractions during the GP weekend, with bars and nightlife as their favorite leisure destination, with 24% of responses, followed by shopping and malls (20%) and sightseeing. (12.5%).
The survey also shows that 56.5% of respondents have a monthly family income between R$4,400 and R$22,000. For 33.8%, the monthly income is less than R$4,400 and 8.7% have an income of more than R$22,000 per month.
The Interlagos Racetrack has been undergoing one of its biggest renovations since 2014, when it completely changed its paddock, with expanded coverage and boxes. The São Paulo circuit has new asphalt and is under construction to build a new hospitality center, an administrative support building and two new tunnels to streamline the site’s logistics. The cost of the works could reach R$275 million.
The value includes the construction of the new hospitality center and tunnels, which the winning consortium estimated at R$ 127 million, but which should have an additional R$ 31 million, reaching R$ 158 million. The bill includes R$ 37 million for the construction works annual maintenance of the circuit, this year including a completely new asphalt. And another R$80 million to build new permanent stands at the racetrack for 2025.
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