Revealed: The whopping multi million pound cost of cancelling Sheffield Christmas market

Researchers say the axing of festive markets across the country will cost the UK economy nearly £900 million, with the Sheffield's Fargate market among those taking the biggest hit.

Studies carried out by Where The Trade Buys, suggest that each visitor to Sheffield's market spends an average of £34 on food, drinks and activities such as rides and ice skating.

Last year, they said, nearly 1.4 million people visited the market, spending approximately £47 million.

A spokesman said: “This figure was worked out on the basis that each visitor would on average buy a minimum of one sweet snack, one savoury snack, two drinks, and pay to go ice skating or similiar.

Sheffield normally has a big wheel as part of its attractions.

The market, which normally includes a number of chalet style market stalls, bars, food outlets and Santa’s Grotto, also stretches into the Peace Gardens.

The study calculated that the UK will lose around £882,300,000 from the 10 most popular markets, with Manchester being the hardest hit city in the UK and set to lose around £306,000,000.

This is how much each city is set to lose:

Manchester - £306,000,000

Birmingham - £187,000,000

London - £119,000,000

Newcastle - 91,800,000

Edinburgh - £88,400,000

Sheffield – £47,000,000

Belfast - £44,200,000

Bath - £13,600,000

York - £11,900,000

Winchester - £11,900,000

Lincoln - £8,500,000

Full results of the study are available HERE