(Finance) – Two billion euros: this is the turnover generated by2023 edition of the Tour of Italy, yet another confirmation of the value of an event with timeless charm which, over 100 years after its birth, continues to unite the entire Peninsula in the name of the pink jersey. The data emerges from the report “Giro d’Italia: the tradition of excellence that enhances the territory” created by the Observatory on the Italian Sport System of Ifis Bank and dedicated to the economic value of the Giro d’Italia 2023. An analysis which, in addition to giving an economic dimension to a historic sporting event, underlines how the Corsa Rosa is an event capable of generating great attractive force, which translates into a economic return for the territories that survives well beyond the duration of the event itself.
“Banca Ifis has been following the sport system for some time and this year we wanted to carry out an in-depth study on the Giro d’Italia to highlight its international and highly prestigious characteristics. This event is able to generate considerable economic value and increasingly promote positive impacts on the environment, people and communities. For these reasons we are strongly committed to directly supporting the sports system not only as a financial reality, but also through our research office, to highlight the positive impact that this sector can have on the development of our country”, declares Ernesto Fürstenberg FassioPresident of Banca Ifis.
Going into detail, the analysis highlights how gods 2 billion euros Of revenues generatedwell 620 million euros are due to the immediate impact, produced by the spending of spectators along the stages of the event and by the organizational machine of the event. The other 1.4 billion euros, however, are generated by “deferred” economic benefits, i.e. by the spending of those who, after having witnessed – live or through the media – the event, return (within 12/18 months) to territories of the Giro to enjoy other types of tourist experiences.
According to what emerges from the study, the high attractiveness of the Giro d’Italia is based on two pillars: on the one hand the prestigious brands from the demonstration which attracts the strongest runners in the world every year; on the other, the cornice suggestive that each stage, thanks to the unique peculiarities of the Italian landscape, can offer the spectator. These two pillars are in turn the basis of two different categories of economic value: immediate and deferred.
The first strand, that of long-term value, is directly linked to the immediate actions implemented by the pink caravan and the flow of spectators that follows it. In 2023, these were over 2.1 million live (7.3% of which foreigners) who followed an average of 2.4 stages per spectator. The passion for Race Rose it goes hand in hand with the desire to discover the Italian territory and to do so in the company of friends and relatives: this is demonstrated by the average size of the group, which reaches 2.8 people. These are groups that, according to the study, spend a daily amount of 121 euros per capita. Furthermore, following more than one stage, 34% of spectators choose to stay at least one night in the areas affected by the event. The activities of this section of fans, added to an organizational machine of over 2,300 people involved throughout the 45 days of activity, are the elements that contribute to creating the immediate economic impact on the places touched by the Giro.
The generation of deferred economic benefits is instead also supported bymedia exposure of the territories: the views and landscapes of Italian villages, cities and natural beauties push the viewer to want to return. There are as many as 1.8 million spectators, Italian and foreign, who after having followed the event in the media intend to visit the places of the Giro and 618 thousand those who, despite having witnessed the event live, do not feel “satisfied” and plan a ready return among wonders landscaping touched by the event. The desire to relive the places of the Giro is also supported by the plurality of experiences that can be had: from food and wine to culture, from nature and leisure to shopping,Italian tourist experience it never turns out to be monochromatic.
Analyzing the experience of the Giro d’Italia 2023 also proves to be a powerful tool at the service of marketing tourist and of promotion of the territory. Knowing the profile of the enthusiast and the activities he chooses to carry out in the different types of stages involves the creation of a real marketing tool for offering services. First of all, it is worth underlining that the Giro can rely on a hard core of enthusiasts: 59% of those who followed it live in the 2023 edition had already done so in the past but, at the same time, the Giro has a its capacity for renewal, considering that for 41% of spectators, the 2023 edition was the first edition experienced in the area.
L’passionate of the Corsa Rosa tries to experience it for as long as possible: 27% of participants indulge in a real tour, with an average of 6 stages followed per capita. We are faced with a traveler who has a variety of interests, carries out activities and seeks different experiences, over which those of a cultural and leisure nature stand out. The percentage of spectators who practice activities also grows based on the availability of experiences that the stages are able to offer: it is no coincidence that the average, among the various stage clusters, of those who do extra activities compared to the event is 21%, this rises even 39% in the so-called “stages”iconic”. The analysis of the preferences and purchasing choices of spectators and tourists in the Giro 2023 area constitutes a first and important confirmation of the economic model of Experiential Tourism, developed by Banca Ifis on the occasion of the 30th anniversary of Federturismo Confindustria.
Finally, there is a “another tour” which is not run through the streets and is not expressed in the tourist offer, but is represented by the supply chain of Italian bike and component manufacturers. An excellent supply chain that can lead the way in the world: 77% of the teams that took part in the last edition of the event chose bicycles or Made in Italy components. Our local tradition is in fact a valuable tradition that conquers both countries historically linked to two wheels, such as France, Holland, Belgium, and countries “new” to cycling racing such as Kazakhstan and the United Arab Emirates. Italian production quality is recognized throughout the world and becomes a growth driver for the Italian companies that feed this supply chain. The study highlights that the turnover of the companies producing and supplying the teams that participated in the 2023 Giro grew by 71% in 2022. In the same period the profit recorded an increase of 52% and the average ROE stood at 38% . These numbers demonstrate how producing racing bicycles and related components is a powerful growth driver, thanks to its high market positioning. Lombardy And Veneto are competing for supremacy in the production of vehicles and components adopted by the competitors in the 2023 event.
The closeness of Banca Ifis to the world of cycling It is part of the broader process of enhancing sustainable mobility. In 2023, the Bank proposed on the market the first leasing and rental solution in Italy intended for companies interested in creating fleets of e-bikes. The product, developed by Ifis Rental Services Srl, allows customers to defer the financial commitment through plans lasting between 12 and 48 months, at the end of which they can choose whether to redeem the product or activate a new contract. The solution also allows VAT to be paid in installments, so as to be able to minimize initial costs and maximize revenues from the early stages of the project.
Still within the world of two wheels, Banca Ifis dedicates one of its Market Watches every year to the analysis of the “Bicycle Ecosystem”, investigating the industrial and non-industrial trends of the Italian bike industry. Banca Ifis also supports the Italian Cycling Tourism Oscar and, in 2022, was the main sponsor of the great national cycling classics.