The event was extended this year into a week-long festival, which culminated in the flagship Challenge Wanaka race and included a junior challenge triathlon, an aquathon, duathlon, and three sprint races run by Triathlon New Zealand.
Wanaka Chamber of Commerce president Leigh Stock said anecdotal reports from chamber members had business figures up from the same event last year"They [businesses operators] have said they did quite well."
Extending the event beyond the Challenge Wanaka had brought more athletes, participants, supporters, and visitors into the region for longer.
The timing of the event has also filled a market gap for tourism and holiday operators.
Previously, the mid January period was a "lull" week, coming after holidaying visitors through the Christmas and New Year returned to their homes and work, he said.
The number of athletes and their accompanying entourage kept increasing "exponentially".
"[We should do] Anything we can. . . to spark interest in our area and bring people here," Mr Stock said.
Challenge Wanaka event director Victoria Murray-Orr said survey figures on the extent of flow-on effects would not be collated until the next week.
She estimated an economic benefit to the town in the vicinity of "well over a million dollars".
Previous surveys conducted by Wanaka public relations company EveNZ showed that participating athletes brought "on average, about four, or five" people with them.
"We had a team from the Catlins made up of 60 people," Ms Murray-Orr said.
Visitors often stayed for the whole week and their presence had a trickle-on effect for local businesses, accommodation providers, restaurants and bars, she said.
Lake Wanaka Tourism chairman John Davies said the event had economic benefits which trickled down to everyone.
Anecdotally, businesses "off the main drag" and throughout town had received a boost, he said.
