Day of the Dead, Formula 1 to add millions of dollars to Mexico City’s economy

According to the government of Mexico City estimates some US$67.2 million will be added to the city's economy due to the Day of the Dead festivities and the latest edition of the Grand Prix of Mexico. As reported in Milenio on 30 October 2016, city officials believe 164,250 tourists will visit the city from 29 October to 2 November. Approximately four out of five tourists during the period are Mexican nationals, while 135,000 people attended the Formula 1 race won by Englishman Lewis Hamilton. But, according to the Cámara de Comercio, Servicios y Turismo (Canaco), the estimates from officials may be too low, and actual spending over the Day of the Dead celebrations on 1 and 2 November could reach as high as US$204 million (Diario Imagen, 1 November 2016). The Canaco believes sectors such as food and beverage, florists, and lodging benefit the most from the Day of The Dead, and the average person in Mexico City spends as much as US$104 during the commemoration.