Are business events crucial to the economy? You bet

The sector is now being taken more seriously by governments around the world, reveals the latest Global Destination Report.

The Global Destination Report also highlighted the importance of event legacy.
The Global Destination Report also highlighted the importance of event legacy. Photo Credit: Adobe Stock/metamorworks

Business events are increasingly being seen as important in their own right and are being taken more seriously, according to the results of the second Global Destination Report.

Revealed at IBTM World, which took place in Barcelona last week, the report is produced by The Business of Events, which works in partnership with public and private sector organisations to raise the importance and profile of business events around the world as an economic, policy, and community driver.

The report looked to establish how the industry has changed since 2019 and focused on six main areas, including funding, volume and legacy, with the aim of demonstrating to governments and policymakers the benefits of having a strong and supported business events sector.

The survey was carried out between September and October 2022, with the majority of the 1,100 respondents drawn from Europe, followed by North America, Oceania, Asia, the Middle East and Africa.

Of those surveyed, 55% said that how they are regarded by their city, regional or national government had ‘increased’ since 2019, while seven percent of the respondents indicated that this perception had decreased. The report said this suggests that the sector is being taken more seriously by governments around the world.

The legacy of events is also high up on planners’ agendas, particularly for business events in the fields of healthcare, science, green energy, and technology, with the majority saying it was ‘important’ or ‘somewhat important’.

Respondents in Asia recorded the largest decrease in international and regional events compared to other regions, and the largest increase in national events, perhaps unsurprisingly, given that China’s borders remain closed to international travellers.



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