Follow the money? Follow the marathon

For the first few years of the New York City Marathon, runners numbering only in the hundreds looped Central Park four times. It wasn’t until 1976 , in the spirit of the Bicentennial, that the New York Road Runners decided to route the race through all five boroughs of the city. It was a hit, with cheering spectators lining long stretches of the route.

Today, the TCS New York City Marathon is one of the world’s most iconic, with more than 50,000 runners expected to compete in the 2024 race on November 3. More than just a celebration of endurance, it’s also an economic powerhouse for the city: A 2019 study found that it generated an estimated $427 million in economic impact for the city.

It’s not just hotels and tourist-oriented restaurants and attractions that benefit: New research by the Mastercard Economics Institute tracked spending at small neighborhood businesses like restaurants and bars along the route on the day of the 2023 race and found as much as a 40% spike as spectators cheered the runners passing through.

“The TCS New York City Marathon is a cultural and economic force,” says Rob Simmelkjaer, New York Road Runners CEO. “The combination of the 50,000-plus runners, their support systems who come along to cheer them on, and the spectators that flock from all around the world, make for one of the best and busiest days of the year.

“Local establishments across the boroughs play a powerful role in making this iconic day even more special and authentic to our city,” he added. “It’s why it’s the best day of the year in New York City — it’s that feeling of ‘community’ in every sense of the word.” 

The report is part of the Mastercard Economics Institute’s “The Eventful Economy” series, which uncovers the impact of major cultural events, from the Taylor Swift “lift” to the astronomical effect of a total solar eclipse. “The marathon research shows the experience economy continues to thrive, joining communities together while bringing benefits to businesses of all sizes,” says Michelle Meyer, the institute’s chief economist. 

Spending last year reached nearly 15% above baseline by 10 a.m., after the race kicked off in Staten Island and made its way into Brooklyn. In Brooklyn and Queens, spending peaked at about 35% above normal between noon and 2 p.m. And as runners made their way through Manhattan, economic impact surged in waves, peaking between 2 p.m. and 3 p.m. as spending spiked to nearly 40% above baseline.

"I’ve competed in marathons all over the world, but the energy and spirit of the New York City Marathon is second to none,” says Shalane Flanagan, who won the 2017 NYC Marathon and is a four-time Olympian. “The competitive spirit of the city, the sense of camaraderie among fellow runners and those cheering us on, and that indescribable feeling of getting to celebrate crossing the finish line with friends and family at my favorite local spot is what makes this event so exhilarating. The power of being a part of the community is pretty incredible.”