New Research Study Measures Global Economic Significance of Business Events

Business meetings prove resilient and face-to-face interaction is paramount

The Events Industry Council (EIC), in partnership with Oxford Economics, has released findings from its 2023 Global Economic Significance of Business Events study. This comprehensive study evaluates the full scope and economic significance of the $1.6 trillion USD global business events industry. Beyond better understanding pre-pandemic benchmarks and 2020 losses, the extensive research analysis across 50 countries includes the important “catalytic” effects or wide-reaching benefits of business events.

An executive summary is available on EIC’s website. Here are some key points in the research:

·      Global events industry contributed $1.6 trillion to the global GDP in 2019. The industry’s economic impact is larger than many global economies.

·      Based on its $663 billion direct GDP impact, the business events sector would rank as the 21st largest economy globally.

·      Two-thirds of global direct business event spending was lost in 2020; the three-year cumulative lost sales total $1.9 trillion.

·      Total Participants: 1.6B

·      Total Jobs: 27.5M

The 2023 study was made possible by generous support from our partners: ADMEI, AHLA, ASAE, Caesars Entertainment, Fairmont, Freeman, IACC, IAEE, IMEX Group, IRF, Los Angeles Tourism, Maritz Global Events, MCI, MGM, MPI, Northstar, New York City Tourism + Conventions, Omni Hotels & Resorts, PCMA, RCMA, SISO, SITE, U.S. Travel Association.