The third edition of The Business of Events: Global Destination Report was released today at IBTM World 2023, the international MICE tradeshow being held this week in Barcelona, Spain.

Created in partnership with Meet in Ireland, the report was commissioned by brand communications agency Davies Tanner and researcher SFA Connect with the goal of establishing how the MICE industry has changed in the last 12 months at the destination level (CVB, DMO).

The research focuses on funding, sentiment, and legacy. Its objective is to demonstrate to government and policy makers the benefits of having a strong and supported business events sector.

The Global Destination Report’s findings were collected via an extensive online survey and augmented by interviews. Despite efforts to achieve global representation, 73 percent of respondents are based in Europe. The majority of survey participants identified as Part Government/Membership (33%) or fully Government-funded (32%), with a notable percentage reporting to the Department of Tourism.

Key findings include:

• 77% of respondents reported either stable or increased core funding since 2022
• 75% reported a positive change in the direct economic value of business meetings
• 77% of respondents felt their current business model was fit for purpose, yet almost two-thirds (61%), predominantly European destinations, believed they lacked sufficient human resources
• 46% experienced budget increases, attributing this to governmental recognition and support
• 54% reported stagnant or reduced funding, perceiving a lack of governmental understanding
• legacy was universally acknowledged as important, but half felt their government did not fully appreciate its value.
• Common threats identified included climate and sustainability, economic factors, political unrest, and geographical accessibility. Notably, some perceived threats were viewed as advantages for certain destinations.

“The business events industry is a critical driver for global economies, generating roughly $662.6 billion in direct GDP,” writes Claudia Hall, event director, IBTM – RX Global, in the report’s introduction. “The 2023 Global Destination Report shows that, despite this, there is ground to make up when it comes to the need for advocacy and a greater understanding from Government of the value and intrinsic benefits of business events.

“There’s a significant need for better funding and for a change in business models so that destinations have the capacity to deliver the benefits business events can bring when it comes to leading a positive legacy in the economy and local communities,” she explains. “In order to drive this forward, it is essential that destinations collaborate to share, discuss and debate insights and initiatives so that together, we can raise the profile of business events and the significant economic and social impact and change they can drive.”