The economic benefits have increased from a reported $3.37 million from last year's triathlon, due to growth in athlete and spectator numbers and length of stay in Wanaka during the week-long festival.
The report has been welcomed by Wanaka business representatives, following a negative business confidence survey last year and ongoing reports of challenging trading conditions due to the impact of the economic recession and Christchurch earthquakes.
Challenge Wanaka race director Victoria Murray-Orr said on Wednesday the survey was completed by 545 athletes, representing 42% of the entrants.
"Based on 1300 athletes, the fact each participant brought five people and the event attracted approximately an additional 1500 spectators, we estimate the direct economic benefit to the region to be between $6.3 million and $6.6 million," Mrs Murray-Orr said.
The economic impact survey was audited by Greg Nelson, an independent market research consultant approved by the Ministry of Economic Development.
"We are stoked. It is just so good to see the event doing so well. And it is not us that is saying that. It is the athletes saying it," Mrs Murray-Orr said.
Wanaka Chamber of Commerce spokesman Alistair King said the economic impact report "reinforces the importance of events such as this to Wanaka and the surrounding district".
"Whilst events in general will never please all businesses, all of the time, the economic impact and profile building of Wanaka as a destination is significant." Mr King said trading conditions remained challenging and the business confidence survey would be repeated soon.
"Events such as Challenge Wanaka and, more recently, Rippon Festival and Warbirds over Wanaka provide a very welcome boost to our economy."
Lake Wanaka Tourism general manager James Helmore said the results were "fantastic".
Lake Wanaka Tourism is one of the event sponsors.
"It is always good to get independent verification of the effect an event has on the town." It was clear Challenge Wanaka presented some of the best trading days for lakefront businesses and the accommodation sector was reporting economic benefits too, Mr Helmore said.
Big drawcard
The 2012 Challenge Wanaka in a nutshell
Features: A 226km Challenge Wanaka triathlon and the 113km Lake Wanaka Half.
Total athletes: 1300 (82% from outside Queenstown Lakes).
Other countries most represented: Australia (102); UK (100); US (18); Germany (16).
Athletes average length of stay: Just under five days.
Spectators: 79% said they visited for Challenge; 73% were from outside the district.
Group sizes: Each visiting athlete brought, on average, five people (three adults, two children).
Athlete average daily spend: $245 over an average of 4.8 days or $1176 per athlete.
Spectator average spend: $257 per person.
International television reach: 400 million.
