Race pumps $12m into the economy

Close to $12 million was spent by Newport Bermuda race participants in 2012.

Yesterday the Bermuda Race Organizing Committee released an economic impact study, which estimated that $20.8 million was spent in Newport and Bermuda combined.

The Newport Bermuda Race is organized by the Royal Bermuda Yacht Club and the Cruising Club of America.

Market research firm Bonnier Custom conducted the survey from the sailors who were on the 164 boats in the 2012 race. 

The survey asked race participants to estimate boat expenditures in both locations for race preparation, fuel, dockage, provisioning, repairs, equipment and supplies; as well as personal expenditures in both Newport and Bermuda for local travel costs including accommodations, dining out, local transportation, activities, shopping, gifts and souvenirs.

An average of $18,770 was spent on the boats in Newport and Bermuda with the Rhode Island city getting the lion’s share at $12,255. But an estimated $6,515 was spent per boat in Bermuda to total just over $1 million.

Personal spending by the sailors was an estimated $10.7 million in Bermuda, proving a total economic boost of $11.7 million when spending on the yachts was factored in. 

Each yacht brought an average of 10 sailors to Bermuda’s shores. While here, they spent an average of five nights on island before leaving. 

A total of 73 per cent of the participants stayed in either a hotel (55 per cent) or guest house (18 per cent) while here. 

While here, 83 per cent of the sailors said they eat at a restaurant and 59 per cent said they shopped.

A total of 94 per cent of the racers would recommend Bermuda as a place to visit.

Race chairman Fred Deichman said: This survey clearly demonstrates the significant economic benefit, which the Newport Bermuda Race delivers to both Newport and Bermuda. It also confirms the popularity of these great destinations with Bermuda Race participants, their friends and families.”