Events Industry Council’s 2018 Global Economic Significance Study shows more than 1 Trillion (USD) in direct spending for business events

 

The Events Industry Council’s study on the global economic significance of business events, conducted by Oxford Economics, is unprecedented research that could only be accomplished through the collaborative efforts of the public and private sectors to qualify the value, influence and impact that business events have throughout the world. It further enables this dynamic industry to benchmark its current contributions and track its future growth.

The data in this study provides a clear and credible statistical base on which to gain recognition for this vast and diverse industry as a vital economic driver and clearly articulates the downstream effect on other industries and the people who work in them. Anyone who reads this report will better understand the economic significance as well as the depth and breadth of the global business events industry.

Here is a preview of the report’s findings.

Global business events activity (2017)

Direct Impacts:

• Number of participants: Business events involved more than 1.5 billion participants across more than 180 countries.
• Direct spending (business sales): Business events generated more than $1.07 trillion (USD) of direct spending, representing spending to plan and produce business events, business events-related travel and other direct spending, such as spending by exhibitors.
• Direct GDP (gross domestic product) and employment: Business events supported 8.6 million direct jobs globally, and generated $603.7 billion (USD) of direct GDP.

Total Economic impact of global business events (2017)

Direct, Indirect and Induced Impacts:

Business events supported a total global economic impact in 2017 of:

• $2.6 trillion (USD) of output (business sales)
• 22 million jobs
• $1.5 trillion (USD) of GDP (representing contribution to global gross domestic product)

The business events sector directly generated more output (business sales) than many large global sectors, including consumer electronics, computers and office equipment.

The $1.5 trillion (USD) of total GDP supported by global business events would rank the sector as the 14th largest economy globally, larger than the economies of countries such as Australia, Spain, Mexico, Indonesia and Saudi Arabia. Based on its $603.7 billion (USD) direct GDP impact, the business events sector would rank as the world’s 23rd largest economy.

For the purpose of this study, the term "business event" refers to a gathering of 10 or more participants for a minimum of four hours in a contracted venue.

• Business events include conventions, conferences, congresses, trade shows and exhibitions, incentive events, corporate/business events and other business events which fit the aforementioned criteria.
• Business events exclude social activities (wedding receptions, holiday parties, etc.), permanently established formal educational activities (primary, secondary or university level education), purely recreational activities (such as concerts and shows of any kind), political campaign rallies, or gatherings of consumers by a company for the purpose of presenting specific goods or services for sale (consumer shows, product launches to consumers).

Business events in North America generated $381 billion (USD) of business events direct spending, as shown in the accompanying chart, representing 35.7 percent of global business events direct spending. Business events in Western Europe and Asia generated $303.7 billion (USD) and $290.9 billion (USD) in direct spending, representing 28.4 percent and 27.2 percent of global direct spending, respectively.