The golfing world descended on the east Kent town last year for the 149th Open at Royal St George's. The tournament had been delayed for a year due to the pandemic.
As a result of on-going concerns over the pandemic, the capacity was dropped from 210,000 fans to 128,300.
But the wait was worth it financially, according to research commissioned by governing body The R&A.
It hired Sheffield Hallam University's Sport Industry Research Centre (SIRC) to identify the economic impact on Kent of hosting the prestigious event.
And in addition to the £19.4m of economic impact, it also gained £94m in gross advertising value courtesy of its global broadcast coverage according to a destination marketing study undertaken by YouGov Sport.
Combined, it delivered an economic benefit of £113.4m.
Martin Slumbers, chief executive of The R&A, said: “The Open’s return to Royal St George’s delivered a substantial economic benefit for Kent and projected this beautiful region to a global audience.
“Tens of thousands of fans visited Kent and enjoyed all that the region had to offer, benefiting local businesses. The Championship was also viewed by more than 100 million people on television around the world and many of them will have been inspired to visit in years to come.
"I would like to thank everyone in Kent who played their part in making The Open such a great success despite the challenges of the Covid-19 pandemic.”
Mike Hill, Kent County Council’s cabinet member for community and regulatory services, added, “This splendid event was very successful, despite the reduction in the number of spectators allowed because of the pandemic, and we are delighted to discover that it had such a beneficial effect on the county’s economy.
“We look forward to hosting The Open at Sandwich again in the future.”
Cllr Trevor Bartlett, leader of Dover District Council, concluded: “This research underlines the significant economic benefit that The Open brings to the district and the wider region.
“With some of the world’s finest links golf here in the district we want to build on this success, working with courses and the wider hospitality sector to continue to deliver new investment and an outstanding experience on Kent’s 'Golf Coast'."
The 150th Open at St Andrews will take place from July 10-17 with a record 290,000 fans set to attend.
Sandwich's other major golf course, Prince’s is hosting a final qualifying event tomorrow (Tuesday) for golfers aiming to earn a place in the Championship next month.