The Notting Hill Carnival is more than just a celebration of Caribbean culture — it’s an economic powerhouse.
In a study commissioned by The Voice, JN Bank economist James Williams revealed that the total direct or net economic impact of the Notting Hill Carnival is over £396 million a year with significant spending on accommodation, food, shopping, entertainment, and travel contributing to that total.
Williams’ analysis, the first study to examine the economic impact of carnival since 2003, found that Europe’s largest street festival, supports the equivalent of 3,000 full-time jobs and attracts approximately 160,000 international tourists annually.
The economist noted that despite the often negative mainstream media coverage that the event often attracts, its economic impact is substantial.
“Carnival is absolutely generating significantly higher sums of money than when we first studied it.
“It’s really important that the government promote the economic benefits of this annual event and use it as a benchmark to recognise the economic impact diverse communities bring to wider society, but also the soft global power it gives London, and the UK by extension.“It’s also important to note the impact is not only local, or even contained to London, but national also.”
– James Williams, JN Bank economist
