Wellington International is excited to share the results of the 2024 Winter Equestrian Festival (WEF), which generated an impressive $403.6 million in economic impact for Palm Beach County, a 14% increase from 2023’s contributions of $351.7 million. As the world’s largest annual equestrian event, the 13-week event, held annually from January through March, delivered far-reaching benefits to the local economy, including job creation, increased labor earnings, and growth in tourism-related spending. The report was prepared for the Palm Beach County Sports Commission (PBCSC), a private, not-for-profit organization that is contracted by Palm Beach County to promote and market the area as a sports and sports tourism destination.
The total direct expenditure from WEF participants and spectators amounted to $242.2 million, which translated into a total GDP increase of $403.6 million for Palm Beach County. This impressive figure reflects a multiplier effect of 1.67, indicating the broad ripple effects that the event’s spending has on the broader economy.
Economic Impact Highlights from WEF 2024:
- Direct Expenditures: $242.2 million in direct spending on horse-related and tourist expenditures.
- Total Economic Impact: $403.6 million added to Palm Beach County’s GDP.
- Multiplier Effect: Each dollar of direct spending generated $1.67 in total economic activity.
- Job Creation: 3,792 jobs were created across various sectors, including equestrian services, tourism, hospitality, and retail.
- Labor Earnings: Total labor earnings reached $117.9 million, with an average salary of $31,079 per job.
Spectator Insights: Spectators expressed high satisfaction with the event, with nearly 95% describing their experience as “very enjoyable to enjoyable.” Over 60% of nonresident spectators came specifically to attend WEF, further highlighting the event’s status as a premier draw for tourism.
Michael Stone, President of Wellington International, praised the event’s contributions to the local community:
"The Winter Equestrian Festival has once again proven its immense value to Palm Beach County. Not only does it attract the world’s best equestrian athletes, but it also supports thousands of jobs and stimulates a wide array of local businesses, from hotels and restaurants to stabling and training services. WEF’s role in boosting the county’s economy is undeniable and we are proud supporters of Palm Beach County."
Breakdown of Economic Contributions
The event’s impact on Palm Beach County’s economy is divided into two primary categories: horse-related expenditures and tourist-related expenditures, with an additional contribution from spectators.
- Horse Expenditures:
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- Total Horse Expenditures: $296.7 million (an 87% increase from $158.4 million in 2023).
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- This category represents 74% of the total economic impact, with nonresident participants (riders, owners, and trainers) spending an average of $40,599 per horse over the 13-week event. Expenses covered stabling, feed, training, farrier services, and local transportation, among other items.
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- The direct horse expenditures totaled $180.0 million and stimulated indirect expenditure in local supply chains, leading to an additional $116.7 million in economic activity.
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- The horse-related spending created 2,813 jobs and generated labor earnings of $86.7 million.
- Tourist Expenditures:
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- Total Tourist Expenditures: $98.7 million (an 89% increase from $52 million in 2023).
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- Tourists who came to Palm Beach County to participate in or attend the event spent on lodging, dining, groceries, entertainment, shopping, and local transportation, contributing 25% of the total impact.
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- Direct tourist expenditures amounted to $57.1 million, which led to an additional $41.6 million in indirect spending as the money cycled through local businesses and supply chains.
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- Tourist spending supported 933 jobs and generated $29.1 million in labor earnings.
Participant and Spectator Engagement
With nearly 7,000 horses from 42 countries and all 50 U.S. states, WEF remains a leading draw for equestrian athletes, trainers, and owners, with the 2024 event surpassing expectations. A survey of nonresident participants revealed the following:
- Average Horse Expenditure per Participant: $3,805 per horse per week, totaling $40,599 over the 12-week period.
- Tourist Spending: Participant tourists averaged $32,367 per party, contributing significantly to local lodging, dining, and retail sectors.
- Average Length of Stay: Nonresident participants stayed for an average of 67 nights, contributing 161,061 paid room nights for the local lodging industry.
Looking Ahead to WEF 2025
With growing participation and record-breaking economic contributions, Wellington International is eager to continue building on the success of the Winter Equestrian Festival. The 2025 WEF competition season will take place from January 1 through March 30. Efforts are being made to enhance spectator experiences, increase tourism outreach, and further expand WEF’s global reputation.
