Oktoberfest brings in one billion euros to Munich’s economy

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While the whole of Germany has been immersed in the serious business of federal elections, people in the country’s third largest city, Munich, are embracing the 184th Oktoberfest beer festival – from September 16 to October 3.

The event may be all about fun, but beer is also a big business, providing a hefty jolt to the city’s economy.

Visitors from all over the world including Portugal, Spain, the US and Australia travel to Germany to be a part of the festivities.

A waitress carries beers as she serves visitors of the Oktoberfest beer festival in Munich, Germany, September 24, 2017. /VCG Photo

According to official figures, the festival welcomed six million people last year. In the first weekend this year, festival attendance was around 600,000 guests, 100,000 more than the same period last year.

From Tracht to hotels to restaurants, people are clearly willing to spend money to enjoy the annual festival. There are plenty of fun rides and carnies for the visitors. Gifts like shot glasses, traditional clothes, hats and official Oktoberfest souvenirs are among the bestsellers for visitors from other countries, all of which adds to Munich’s economy.

Munich officials estimate that visitors contribute one billion euros and 12,000 jobs during Oktoberfest.

Visitors celebrate in the beer tent at day 2 of the 2017 Oktoberfest beer festival in Munich, Germany, September 17, 2017. /VCG Photo

“We assume after plausible estimates that we have an economic value of roughly one billion euros due to Oktoberfest. 350 million are directly spent on the Oktoberfest grounds. An additional 250 million is spent in the shops, on retail and the rest is the sum that is being spend on overnight stays in hotels,” said Josef Schmid, Munich Deputy Mayor.

The annual Munich Oktoberfest is more than 200 years old and is the largest festival in the world. Only six Munich-based brewers are authorized to supply the festival with beer.