Birmingham’s economy is set for a multi-million pound boost with the arrival of the Frankfurt Christmas Market.

Last year’s event attracted three million visitors and boosted the economy by almost £90 million.

Now city business leaders predict another boost this year as the event celebrates its 10th year.

John Lamb, of Birmingham Chamber of Commerce Group, said: “We are delighted that during these very trying times it is very positive that consumers are still boosting the local economy. Last year the market attracted three million visitors and boosted the city’s economy by £89.6m.

“Figures show that it is the sixth most popular event in Europe, ahead of German cities, and it is now in its 10th year and its revenue is steadily increasing. It is very, very good news for the city’s economy.”

This year’s market, in Victoria Square and New Street in the city centre, features more than 180 stalls selling Glühwein, grilled sausages, pretzels, German beer, gingerbread, stollen, crepes and marzipan sweets as well as gifts and crafts until the event ends on December 23.

It is the largest authentic German market held anywhere in the world outside Germany and Austria.

City Council leader Councillor Mike Whitby, said: “I’m extremely proud of the continued success of our Frankfurt Christmas Market. It’s remarkable to think that our market started with just 24 stalls in 2001 and the 10th annual market will have over 180.

“It’s important to stress the fact that the benefits of this annual event stretch far beyond the market itself.

“Visitors come here and spend money in our shops, restaurants and hotels, adding to the overall economy at a critical time.”

Birmingham also hosts a Christmas Craft Fair on Chamberlain and Centenary Squares, with hand-crafted items created locally as well as goods from all over the world. The market is open seven days a week 10am-9pm.