Olympia’s £1.3bn redevelopment is set to inject more than £600m into the UK economy, according to a new socioeconomic data by economic consultancy, Volterra.
The data echoes the Mayor of London’s recently published London Growth Plan, which highlighted Olympia as an internationally significant visitor destination, with it forecasted to directly attract 3.5m annual visitors to its historic event spaces, new hotels and performance venues.
When including local residents, workers, diners and general visitor footfall, Olympia’s annual footfall will reach approximately 10m across the whole destination.
Lloyd Lee, managing partner at Yoo Capital, said: “This new data confirms what we’ve always believed in: that strategic, long-term investment in culture and the creative industries delivers significant economic returns. Olympia stands as a key pillar of investment in the UK, reinforcing the substantial economic contribution of the nation’s cultural and creative industries and furthering ‘brand Britain’.
Andy O’Sullivan, CEO of Olympia Events added: “This investment isn’t just about bricks and mortar; it’s about championing the events sector as a proven economic multiplier. Whether it’s global conferences and exhibitions, or breakthrough cultural moments, Olympia will set the stage for innovation, commerce, and creativity to thrive.”
With theatre, music and events high on the list of international visitors to the capital, Olympia is expected to attract a sizeable portion of London’s 20.3m international visits.
According to London & Partners, 15% London’s international tourists subsequently visit other UK destinations, contributing over £640m annually to those local economies, demonstrating Olympia’s significant economic impact nationwide.
Direct expenditure by attendees of Olympia’s exhibitions, conferences and events alone is expected to reach £256m per year.
The total expenditure associated with Olympia’s exhibitions, conferences and events, including accommodation, transport and other associated costs, could reach up to £1.3bn, a remarkable 27% of the UK total.
Olympia will also significantly boost the UK’s tourism economy and attract high levels of visitor spend.
The 3.5m visitors to Olympia’s event spaces, new hotels and performance venues will support an estimated annual spend of £464m, encompassing expenditures across retail, food and beverage, travel and accommodation.
Overall, Olympia’s transformation will support approximately 7,000 direct jobs, representing an impressive 22-fold increase from its previous capacity, as well as supporting an additional 2,000 jobs in London and beyond through supply chain and expenditure effects.
