Events Industry Council: Business meetings prove resilient
The Events Industry Council (EIC), in partnership with Oxford Economics, has released findings from its 2023 Global Economic Significance of Business Events study, which measures the full scope and economic significance of the $1.6 trillion USD global business events industry. For the first-time, EIC and Oxford Economics measured the critical role business events serve in areas such as knowledge sharing, innovation and employee engagement – critical impacts that go well beyond direct event spending.
The extensive research analysis in the latest study across 50 countries includes the important, and often overlooked, ‘catalytic’ effects or wide-reaching benefits of business events hosted within destinations. A 2022 global survey of over 1,600 meeting professionals, exhibitors and venues reveal relationship-building, worker collaboration and business development are the most difficult outcomes to replace without meetings and events.
Key findings
- Event organisers ranked relationship management, awareness and new customers as the most important ways they measure the catalytic impacts of business events.
- 67% view building relationships through face-to-face interaction as most difficult to replace.
- As many as 22% of new customers are generated through in-person events.
- The reduction of business events due to COVID-19 led to significant loss of innovation, with 65% reporting a reduction in research and development prioritisation.
- Organisers believe an average of 44% of revenues would be lost without hosting in-person events.
“Business events is a $1.6 USD trillion industry, with a GDP larger than many global economies. The economic significance of the global business events industry is immense, and so are its broader impacts,” said Amy Calvert, Events Industry Council CEO. “Events are a catalyst for meaningful change … The way we understand, measure and communicate the importance of business events is vital to showcasing its overall value.”
The study also illuminates how the value proposition of events is evolving:
- Business events will be increasingly important in building culture and engagement (41%) and will be used more to advance growth of individual employees (36%).
- Over time, many events are anticipated to adopt hybrid formats, as 40% of respondents suggest.
- While the size of business meetings or events is expected to decline in the short term (48% of respondents), only 10% agree this will be a long-term shift.
Click here to view the 2023 Global Economic Significance of Business Events study executive summary.
>> eventscouncil.org
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