Cape Town Hosts Over 1,200 Events, Adds Nearly R4 Billion To Economy In 2023

The South African city of Cape Town thrived in 2023, hosting over 1,200 events that injected nearly R4 billion into the economy and created job opportunities for its residents.

In 2023, Cape Town hosted various high-profile events including Africa's first Netball World Cup, the ICC Women's T20 World Cup, the first Formula E race in sub-Saharan Africa, the Loeries Creative Week and the return of Tweede Nuwe Jaar Minstrel Street Parade.

"Research studies on three key events hosted in the city during this period revealed a substantial R2 billion economic impact. This is a holistic impact on the economy, which includes direct and indirect economic impact, and destination marketing, among others," JP Smith, City Mayco member for safety and security said on Thursday, SA News reported.

A further R1.9 billion added to the economy from just 20 of the events hosted in the calendar year, driven by the actual direct spend by event attendees, participants and event organizers in Cape Town.

Smith, who said over 1.3 million people attended or participated in the top 40 events held last year, emphasized the substantial economic benefits of hosting these events as the city saw demand from event organizers for logistics, equipment rental, security, production, staffing and hospitality.

"We have seen over the last couple of years how events can become catalysts for growth for other sectors in the value chain, including accommodation and food, travel, local retail and tourism attractions here in Cape Town," he added.

Furthermore, hosting various local and international events that range from major international sporting events, music concerts, cultural and lifestyle events tremendously helped to promote Cape Town as a premier tourism destination.

Smith lauded the event organizers who worked hard over the last 15 months, with support from the City's Events Department, to boost event culture to the pre-pandemic levels.

According to Smith, the top 20 events held in Cape Town last year generated more than 26,000 job opportunities in the field of security, catering, logistics, production and transportation, among others.

For 2024, the Cape Town is set to host exciting line up of events beginning with the Tweede Nuwe Jaar Minstrel Street Parade, followed by SA20 Final at Newlands, the Cape Town Carnival, Africa Travel Week, Comic-Con Cape Town and the world champion Springboks' battle with the All Backs at DHL Stadium in September.