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I would have to disagree that there is an absolute fixed amount people will spend with or without an event. People will often spend something more than the norm for a special event that's coming to town. That is to say, if they were just going about their normal activities without the event, they would spend less in that period of time.
Most people who will actually be able to afford to go to the race will have some reserves, so they'll still eat out and go book shopping or whatever, as they normally do, and the spending on this event will be extra on top of that.
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