This year's sold out Festivale has been called the "best ever" by Tasmania's Deputy Premier Michael Ferguson.
Mr Ferguson said organisers had cracked the code on how to run the major food, wine and entertainment event - namely by making it more exclusive and capping numbers.
"This has become one of the premiere events in the summer calendar here in Tasmania," Mr Ferguson said.
The festival celebrated its 35th anniversary with its 2024 iteration and drew in close to 28,000 people over the course of three days at City Park, with 7.5 per cent of that number being interstate visitors.
Mr Ferguson said the event was a major economic boon for not only the state's north but its entirety with more than 70 stallholders coming from far and wide for the "roaring trade".
"[The economic impact] is going to be in the millions of additional spending activity in the north," he said.
"But those benefits will be felt throughout the regions."
Concrete figures on Festivale's economic impact are expected in the near future as the event's committee works with the Department of State Growth to put a number on its success.
"I think the reason it's so successful is the mixture of the three elements: food, beverage and entertainment," said David Dunn, Festivale's chairman.
"We've gotten that mixture right and we've got the beautiful City Park to host us at a perfect time of the year.
"We're very keen to keep these standards of this event to what we've managed to raise it to over the years, and also keep attracting those numbers for the stallholders to benefit from and the follow on for the economic benefit around the state."
Planning for next year's Festivale has already begun according to Mr Dunn, who said dates were locked in for January 31, and February 1 and 2.