Washington, D.C. – The business events industry boosts the global GDP with 1.5 trillion dollars and 26 million jobs, according to a first-ever worldwide study of the industry commissioned by the Events Industry Council (EIC) in collaboration with IMEX, Hilton, the MPI Foundation and the PCMA Education Foundation.
The Global Economic Significance of Business Events, which was conducted by Oxford Economics, shows the depth and reach of the sector’s impact. Its findings reveal that business events generate $621.4 billion (US) of direct GDP and contributed a total GDP impact (global gross domestic product) of $1.5 trillion. This ranks the sector as the 14th largest in the world, ahead of the GDPs of Australia, Spain, Mexico, Indonesia and Saudi Arabia.
Fifty countries accounted for 96 per cent of the overall $1.03 trillion (US) in direct spending. The United States led with $325 billion, with China, Germany, the United Kingdom and Japan rounding out the top five.
Asia was the largest region in terms of business event participants representing nearly one-third of 1.5 billion total worldwide. Western Europe ranked second, with almost 30 percent followed by North America with just over 22 per cent of all attendees. The average spend per participant is $704 US.
“For the first time our industry is able to prove just how formidable an economic engine business events are globally”
In terms of jobs, the study found that globally business events generate more than 10.3 million jobs directly and effect a total of 25.9 million jobs. “For the first time our industry is able to prove just how formidable an economic engine business events are globally,” said Cathy Breden, CMP, CAE, chair of the EIC’s Research Committee. “This study enables everyone involved in bringing people together for meaningful face-to-face interactions to show their true value and substantial contributions to growth and opportunity.”
“The Global Economic Significance of Business Events is a vital tool for our industry to help both private and public sectors everywhere better understand how important business events are developing and sustaining thriving local, regional and national economies,” explained Karen Kotowski, CMP, CAE, CEO of the Events Industry Council.
The full report can be found at http://www.eventscouncil.org/Researchinfo/global-economic-significance-of-business-events