Independent Study Reveals Event Generated over $104 Million in Total Spending for Greater Detroit
DETROIT, Mich. (November 2, 2023) – Driving economic growth for Southeast Michigan, the 2023 Chevrolet Detroit Grand Prix presented by Lear produced an all-time high in total spending and economic impact for the metropolitan Detroit area.In its return to the Streets of Downtown Detroit for the first time in 32 years, this summer’s Chevrolet Detroit Grand Prix presented by Lear, held June 2-4, attracted an estimated crowd of 150,000 people over the course of the three-day weekend motorsports festival in the Motor City. According to an independent study conducted by St. Louis-based Sportsimpacts, the Grand Prix produced a record $104.4 million in total spending activity by both local and visiting fans, as well as businesses, for the Greater Detroit region of Wayne, Oakland and Macomb counties. The total included the build-out and production of the new 1.7-mile street circuit in the heart of Downtown Detroit, along with the operation and execution of the event, including numerous fan engagement areas in the city’s business corridor.
Based on research conducted by Sportsimpacts, the direct spending generated by the 2023 Grand Prix measured $64.1 million and $33.1 million originated from sources outside of the Greater Detroit tri-county area. After accounting for the effects of local spending multipliers and money leakages, Sportsimpacts determined the total spending from both local and non-local sources generated $104.4 million for the region.
In addition to the record total spending produced by the 2023 Grand Prix, the study also revealed an all-time high in “economic impact” for the event. The Sportsimpacts study determined that the amount of new economic activity stemming from non-local spending, which was retained within Greater Detroit following the Grand Prix, measured $35.7 million in economic impact for the event.
“Driving economic growth for the City of Detroit and across Southeast Michigan was one of the most important elements of bringing the Grand Prix back to its original home on the Streets of Downtown Detroit in 2023,” said Michael Montri, President of the Chevrolet Detroit Grand Prix presented by Lear. “With the overwhelming support from fans here locally and attracting visitors from outside our region, we are so proud the Grand Prix generated well over $100 million in total spending and more than $35 million in economic impact this year and we look forward to the event contributing even more to the local economy in the future.”Based on surveys conducted with hundreds of fans at the 2023 Chevrolet Detroit Grand Prix presented by Lear, the Sportsimpacts study concluded that 52% of event attendees came from outside the tri-county area of Metro Detroit. Research also revealed that this year’s Grand Prix attracted a younger audience than previous years with 42% of attendees between the ages of 18-34 and 26% of fans between the ages of 35-54.
With thrilling on-track competition featuring the NTT INDYCAR SERIES, the IMSA Michelin Pilot Challenge sports cars, the rising stars of open-wheel racing competing in INDY NXT by Firestone and the iconic muscle cars of the Trans Am Series presented by Pirelli, fans enjoyed three days of racing, music, food and family fun at the 2023 Detroit Grand Prix. In addition to the fans that purchased tickets, the Grand Prix featured a more inclusive event than ever before in its Downtown return with free access to more than half of the event’s footprint, including key activation and viewing areas in Hart Plaza, Spirit Plaza, the Detroit Riverwalk and along Jefferson Avenue.
Next summer, the Chevrolet Detroit Grand Prix returns to the Streets of the Motor City with three days of turbocharged entertainment in Downtown Detroit, May 31-June 2, 2024. Renewals for 2023 ticketholders begin this week with tickets expected to go on sale for everyone in early December. To learn more about the event and to sign up for an early on-sale opportunity, visit www.DetroitGP.com.ABOUT SPORTSIMPACTS
Sportsimpacts is a national consulting firm based in St. Louis, Missouri with offices in Los Angeles and Charlotte, NC. Founded in 2000, the firm has conducted economic studies at more than 95 events, including three Super Bowls, three NCAA basketball Final Fours, a Ryder Cup and a Presidents Cup. Specializing in assessing the economic impact of sporting events, Sportsimpacts has performed over a dozen studies in the Detroit area including Super Bowl XL, the Ryder Cup, the AAU Junior Olympics, Esports tournaments, the NCAA Wrestling Championships, the Woodward Dream Cruise and five Chevrolet Detroit Grand Prix events.
ABOUT THE DETROIT GRAND PRIX
The Detroit Grand Prix is a 501(c)3 organization and a subsidiary of the Downtown Detroit Partnership. Scheduled for May 31-June 2, 2024, the event will return to the Streets of Downtown Detroit. The Grand Prix will include the Chevrolet INDYCAR Grand Prix featuring the cars of the NTT INDYCAR SERIES, the sports cars of the IMSA WeatherTech SportsCar Championship and the rising stars of racing competing in INDY NXT by Firestone. For more information, visit www.DetroitGP.com and follow our social media pages at www.facebook.com/detroitgp, www.twitter.com/detroitgp, and www.instagram.com/detroitgp
