A new research project has valued the global business events industry at more than US$1 trillion. The preliminary results were announced by The Events Industry Council (EIC) at Imex America in Las Vegas, with detailed full report results available next month.
The worldwide study of the economic significance of face-to-face business events is the first of its kind and called The Global Economic Significance of Business Events. It was conducted by Oxford Economics, and is the first-ever comprehensive study on the impact of business events.
The research was a result of ground-breaking industry collaboration with IMEX, Hilton, the Meeting Professionals International (MPI) Foundation and the PCMA Education Foundation. The US$1 trillion figure reflects the direct expenditure attributed to planning, producing, attending and/or hosting business events which include meetings, conferences, conventions, exhibitions and incentive travel.
This ranks the business events sector alongside consumer electronics in terms of size and scope.
Tina Wehmeir, chair of the Events Industry Council said: “This research will be a critical tool in demonstrating why business events are key to growth and development in every corner of the world.”
In 2017, the report claims, business events brought together more than 1.4 billion participants in over 180 countries.
The EIC expects to make the full research report available on its website on 9 November, which will also include the total economic impact of business events, including jobs and GDP, as well as ranking of the top 50 countries.
Events Industry Council CEO, Karen Kotowski, said: “The Global Economic Significance of Business Events offers a compelling snapshot of the broad reach, scope and strength of our industry. The findings will help us tell a more complete story of how and why business events serve as a major economic generator."