Last year’s Glastonbury Festival generated more than £73m to the economy, according to an independent report.

The report, commissioned by Mendip District Council and carried out by Baker Associates, was the first to look at the economics of the Somerset-based event.

The world-famous festival attracted 177,500 people last year, with an average spend per person of £293.24. This figure includes travel, but not ticket price.

Total spending at the Worthy Farm site by festival-goers and traders was around £25.6m (£144.11 per person), and off-site spending was about £26.5m (£149.13 per person), giving a total spend of about £52m directly linked to the festival.

The organisers, Glastonbury Festivals, spent £2.5m on booking the acts, adding to a total outlay of £21.2m, which included paying for staff, security and infrastructure.

Harvey Siggs, leader of the council, said: “Glastonbury Festival is such a huge event for Mendip. This study has revealed valuable information that, until now, has not been identified before. We’ve always recognised that Glastonbury is an important event for our district and country, but have never been able to judge just how important it is.

“I hope this study can be used by other festivals and organisations as a key educational tool to demonstrate the value and difficulties of large scale events.”

The report also found that while many businesses saw a decline in turnover during the festival period, pubs and restaurants saw an upturn.