An independent report has found that the Royal Highland Show contributed more to Edinburgh’s economy than its much vaunted Hogmanay celebrations.

Scotland’s largest outdoor event was found to contribute £39.5m per year in an economic impact report commissioned by the Royal Highland and Agricultural Society of Scotland (RHASS).

The farming showcase event attracts in the region of 200,000 visitors across four days to celebrate the best of Scotland’s food, farming and rural life. It is also a major marketing platform for producers, exhibitors and businesses from across Scotland and the wider UK.

Staged in Ingliston, some 6000 animals compete for the silverware, with other attractions including a food and drink hall, Scotland’s Larder, sheep shearing, musical entertainment, rural crafts, forestry, show jumping, machinery and educational experiences.

With an average visitor spend of £147, visitors also spent more on accommodation (21%) than any other expenditure category, with overnight visitors typically staying in Edinburgh for 2.5 nights. This is closely followed by spending on food and drink on site and other spending (both 19%). This other spending included purchases of agricultural equipment.

This is the first time that the economic impact of the Show has been assessed on a comparable basis to Festivals Edinburgh. Carried out by BOP Consulting, it found that the Show generated additional output in Edinburgh of £39.5m – with this corresponding to a Full-Time Equivalent (FTE) employment of 674.

RHASS director of operations, Mark Currie, commented: “The economic impact and reach of the Royal Highland Show is significant, and this report demonstrates the importance of the Show as one of Scotland’s largest and most well-attended events.

“Visitors and exhibitors come from far and wide to connect, be entertained, to sell and to buy, and it is widely acknowledged to be the best platform for rural Scottish businesses in the country.

“We are fortunate to have a loyal and engaged audience and one that is only growing as the show evolves into a truly global event – this year more than 200,000 people from around the world tuned in to watch it online.”