Business events have left an indelible impact on the global economy, generating nearly $1 trillion in spending across all regions in 2017, according to the preliminary results of the inaugural Global Economic Significance of Business Events study, by the Events Industry Council (EIC).
The highest spend came from North America at $381 billion, followed by Asia with $290.9 billion and western Europe with $266 billion.
The $1 trillion amount is comparable to the consumer electronics industry. This amount is result of the direct spending from planning, production, attending, and/or hosting of business events. These meetings, conferences, conventions, exhibitions, and incentive travel.
"The Global Economic Significance of Business Events offers a compelling snapshot of the broad reach, scope, and strength of our industry," EIC CEO Karen Kotowski said in a press release.
"The findings will help us tell a more complete story of how and why business events serve as a major economic generator."