Attendance at this year's Calgary Stampede was down nearly 50,000 from last year, say officials. (CBC)

Officials at the Calgary Stampede say the weather, rather than the economy, had a dampening effect on this year's attendance.

During the 10-day event 1,186,636 people passed through the gates, down nearly 50,000 from last year. The record was set in 2006 at more than 1,262,518 visitors.

David Chalack, the president of the Stampede, said cool, wet weather on five days kept people indoors, but the event was still a success.

"That is such a meagre number," said Chalack of the attendance drop. "It's against a tidal wave of adversity — the economy, the weather. Our attendance is more impacted by weather than anything else."

Chris Letllierm, who sells cowboys hats within walking distance of the Stampede Grounds, said business was down about 20 per cent because people spent less.

"They all need hats anyway, they just have a budget for it."