Occasions Business Council: Enterprise conferences show resilient and face-to-face interplay is paramount

New analysis examine in collaboration with Oxford Economics measures the worldwide financial significance of enterprise occasions.

The Occasions Business Council (EIC) in partnership with Oxford Economics, launched findings from its 2023 World Financial Significance of Enterprise Occasions examine, which measures the complete scope and financial significance of the $1.6 trillion USD world enterprise occasions trade. For the first-time, EIC and Oxford Economics measured the important position enterprise occasions serve in areas like data sharing, innovation and worker engagement – important impacts that go nicely past direct occasion spending.

Oxford Economics analysed the financial significance of enterprise occasions throughout 2019 to determine the complete scope and financial impacts of the sector earlier than the COVID-19 pandemic, with these key findings:

  • Whole Members: 1.6B
  • Direct Spending: $1.2T
  • Whole Enterprise Gross sales: $2.8T
  • Whole Jobs: 27.5M
  • Contribution to World GDP: $1.6T

The in depth analysis evaluation within the newest examine throughout 50 nations contains the vital, and infrequently ignored, “catalytic” results or wide-reaching advantages of enterprise occasions hosted inside locations. A 2022 world survey of over 1,600 assembly professionals, exhibitors and venues reveal relationship-building, employee collaboration and enterprise improvement are probably the most troublesome outcomes to exchange with out conferences and occasions. The survey additionally discovered:

Key Findings:

  • Occasion organisers ranked relationship administration, consciousness and new clients as crucial methods they measure the catalytic impacts of enterprise occasions.
  • 67% view constructing relationships by face-to-face interplay as most troublesome to exchange.
  • As a lot as 22% of latest clients are generated by in-person occasions.
  • The discount of enterprise occasions attributable to COVID-19 led to vital lack of innovation, with 65% reporting a discount in analysis and improvement prioritisation.
  • Organisers consider a median of 44% of revenues can be misplaced with out internet hosting in-person occasions.

“Enterprise occasions is a $1.6 USD trillion trade, with a GDP bigger than many world economies. The financial significance of the worldwide enterprise occasions trade is immense, and so are its broader impacts,” mentioned Amy Calvert, Occasions Business Council CEO. “Occasions are a catalyst for significant change. Throughout trade sectors, organisations and people all achieve in methods which are basic to development, innovation and adaptation to a altering world. The way in which we perceive, measure and talk the significance of enterprise occasions is significant to showcasing its general worth.”

World Enterprise Occasions are Recovering from COVID-19 Influence

In 2022, world enterprise occasions recovered solidly at about 80% of pre-pandemic ranges. The Center East, North America, and Central and Japanese Europe have led the restoration, reaching spending ranges in 2022 that approached 2019 ranges, lifted partly by an earlier restoration of journey and normalization of pandemic-related dangers.

Whereas Asia, Western Europe, Latin America and the Caribbean have usually skilled a slower tempo of restoration, these areas are anticipated to expertise a few of the strongest progress of any of the worldwide areas. Adjusted for inflation, world occasion spending is forecast to strategy 2019 ranges by 2025.

“The trade has made vital strides to recuperate losses. Two-thirds of worldwide direct enterprise occasion spending was misplaced in 2020. The three-year cumulative misplaced gross sales complete $1.9 trillion USD,” mentioned Adam Sacks, president of Tourism Economics, an Oxford Economics firm. “After we launched into this examine, we knew getting a complete image of the worldwide enterprise occasions sector was important for EIC’s advocacy efforts on behalf of its world membership. Now we now have the information to indicate that the enterprise occasions complete GDP impression would rank as thirteenth largest world financial system and restoration is nicely underway. The financial implications are large.”

The Worth Proposition of Occasions is Evolving

The examine, launched this week, additionally illuminates how the worth proposition of occasions is evolving. Occasion organisers can anticipate that constructing tradition and engagement, supporting environmental, social, and company governance (ESG) targets, advancing the enterprise of the organisation and knowledge-sharing are greater priorities for occasion organisers sooner or later. The examine additionally discovered:

  • Enterprise occasions can be more and more vital in constructing tradition and engagement (41%) and can be used extra to advance progress of particular person staff (36%).
  • Over time, many occasions are anticipated to undertake hybrid codecs, as 40% of respondents counsel.
  • Whereas the dimensions of enterprise conferences or occasions is predicted to say no within the quick time period (48% of respondents), solely 10% agree this can be a long-term shift.

“Our examine helps a greater understanding of each the financial significance and bigger impacts of in-person occasion experiences, wanting ahead from COVID-19 disruptions,” added Calvert. “Our complete analysis and world occasions barometer forecasting mannequin with Oxford Economics reveal the trade’s substantial worth drivers. We all know enterprise occasions provide irreplaceable advantages like data sharing, analysis collaboration and human capital improvement. These findings not solely assist trade professionals make extra knowledgeable and efficient selections, but additionally deepen our relevance and reference to world society.”

Analysis Funders: ADMEI, AHLA, ASAE, Caesars Leisure, Fairmont, Freeman, IACC, IAEE, IMEX Group, Los Angeles Tourism, Maritz World Occasions, MCI, MGM, MPI, Northstar, New York Metropolis Tourism + Conventions, Omni Resorts & Resorts, PCMA, RCMA, SISO, SITE, and U.S. Journey Affiliation.

EIC Advocacy and Analysis Committee:

  • Cathy Breden, CMP, CAE, Worldwide Affiliation of Exhibitions and Occasions, Middle for Exhibition Business Analysis
  • Martin Boyle, The Worldwide Affiliation of Skilled Congress Organisers
  • Nancy Drapeau, IPC, Middle for Exhibition Business Analysis
  • Jennifer Glynn, CIS, Society for Incentive Journey Excellence
  • Senthil Gopinath, Worldwide Congress and Conference Affiliation
  • Stephanie Harris, The Incentive Analysis Basis

Theodore Koumelis

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Community; his duties embrace enterprise improvement and planning for TravelDailyNews long-term alternatives.

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles