The need for stronger government advocacy, staffing challenges and budget stability are some of the areas explored in the 2024 Global Destination Report, which was released today at IBTM World 2024.

The report is an in-depth look at the global business events sector’s evolving landscape. Commissioned by The Business of Events, it is produced in collaboration with SFA Connect, ICC Belfast, and IBTM World.

This year’s edition reveals notable growth in budget stability and economic impact for business events across developed regions. Destinations such as North America and Western Europe are enjoying economic benefits from large-scale business events, with more than 50 percent of surveyed regions reporting event-driven contributions that exceed $105 million USD (€100 million) annually. Respondents from developed areas, including Western Europe (9%), Central Europe (13%), and North America (13%), reported economic values from business events reaching more than $5.2 billion USD (€5 billion) in 2024.

However, the findings indicate persistent disparities in economic benefit. While developed regions continue to thrive, smaller cities and less developed areas are not capturing the same level of economic gain from business events, highlighting the need for inclusive growth strategies. Additionally, while funding remains stable or grows for larger destinations, regions in Central and South America are reassessing funding models to align with changing market dynamics.

“The 2024 Global Destination Report serves as an essential tool for industry stakeholders to understand the real-time challenges and opportunities in the business events sector,” said Martin Fullard, director, The Business of Events. “Our findings reveal that while many regions benefit economically, the sector still faces an advocacy gap with policymakers. We’re proud to provide data that destinations can leverage to secure funding and make the case for the essential role business events play in economic and social development.”

Key findings are:

• Government advocacy and funding support: A core area of focus in the report is the ongoing call for stronger government advocacy. The majority of respondents indicated that government recognition of business events’ value remains insufficient. While Africa, the Middle East, and Central and South America reported some progress in government support, many other regions expressed frustration with a lack of engagement or meaningful policy support.
• Budget stability and staffing challenges: The report points to a promising trend in budget stability, with most respondents reporting steady or increasing budgets in developed regions. Larger destinations and capital cities have benefited from budget growth, enabling better planning and sustainability within the sector. However, budget cuts were still reported in Central and Southern America, parts of Europe, and the Middle East, and the issue of undersized teams remains widespread across Africa, the Middle East, and Europe. This staffing concern could hinder the sector’s ability to meet demand and achieve long-term growth.
• Future-oriented business models and over-tourism impact: The report also identifies changes in business models across regions. Areas like Asia and Central/Southern America are actively reviewing funding strategies to adapt to market needs, while regions such as Southern and Northern Europe report higher stability with minimal shifts in their approach. Interestingly, the findings indicate that over-tourism does not present a major barrier to business events, with 82 percent of respondents noting no adverse effect. However, Asia emerged as an exception, with 50 percent of respondents from the region noting over-tourism as a potential concern for event hosting.

In its concluding recommendations, the Global Destination Report 2024 stresses the importance of alignment between the business events sector and government policy, including the need for increased advocacy and direct financial support. Suggestions include implementing tax incentives, promoting sustainability, and establishing stronger industry-academic partnerships to address talent shortages and drive sector growth.

As a whole, the report underscores the vital role that business events play in economic growth and social progress, while calling for industry stakeholders to use the findings to inform strategies that enhance resilience and sustainability.