Convene’s Recent Study Reveals $1.9 Trillion Loss in Global Business Event Spending, Forecasting Full Recovery in 2024
According to the 2023 Global Economic Significance of Business Events study released by the Events Industry Council, the global business events industry has suffered a cumulative loss of $1.9 trillion in direct spending over the past three years (2020-2022). The study, conducted in partnership with Oxford Economics, also forecasts a complete recovery to 2019 levels by 2024.
The study, which analyzed data from 2019 to understand the pre-pandemic economic impact of business events, revealed several significant findings. It estimated that over 6 billion people participated in business events across 180 countries, generating more than $1.15 trillion in direct spending. Furthermore, the industry supported 10.9 million direct jobs globally and had a total economic impact of $2.8 trillion in business sales, 27.5 million jobs, and $1.6 trillion in GDP.
In addition to quantifying the financial impact, the study highlighted the critical role of business events in knowledge sharing, innovation, and employee engagement. A survey of 1,648 event organizers found that 41% believed events would play an increasingly important role in building culture and engagement, while 36% expected events to be used more for the growth of individual employees. The survey also revealed that hybrid formats and face-to-face interaction for relationship building were key considerations for future events.
The study’s findings underscore the profound impact of the COVID-19 pandemic on the business events industry while providing hope for a robust recovery in the coming years.
Source Link: meetings.skift.com/meeting-destination-rankings
#BusinessEvents#EventIndustry#EconomicImpact#COVID19Recovery#GlobalBusiness #OxfordEconomics#EventsIndustryCouncil#DirectSpending#JobCreation#GDPContribution #KnowledgeSharing#Innovation#EmployeeEngagement#HybridEvents#RelationshipBuilding #EventOrganizers#EconomicStudy#IndustryInsights#GlobalRecovery#PostPandemic #BusinessSales#Networking#ProfessionalDevelopment
