Log In
Business events generated more than $1.15 trillion of direct spending in 2019.
The Events Industry Council released findings from its 2023 Global Economic Significance of Business Events study, which measures the full scope and economic significance of the $1.6-trillion USD global business events industry.
Working with Oxford Economics, the study analyzed the economic significance of business events during 2019 to establish the full scope of the sector before the COVID-19 pandemic. Among the findings:
- 1.6 billion people participated in business events across more than 180 countries.
- Business events generated more than $1.15 trillion of direct spending (i.e., spending to plan and produce business events, business events-related travel, and other direct spending, such as exhibitor spending).
- Business events supported 10.9 million direct jobs globally.
- Business events supported a total global economic impact (accounting for indirect and induced impacts) of $2.8 trillion in business sales; 27.5 million jobs; and $1.6 trillion of GDP (representing contribution to global gross domestic product).
The three-year cumulative loss of global direct business event spending (2020-2022) totals $1.9 trillion and represents the loss of more than 16 million jobs. While direct spending in 2022 was more than 80 percent relative to 2019, global business event spending is forecast to fully recover in 2024.
For the first time, the study addressed the critical role business events serve in knowledge sharing, innovation, and employee engagement — critical impacts beyond direct event spending — via a survey conducted between May and September 2022 of 1,648 event organizers representing all global regions. Among those findings:
- 41 percent agreed that events will become increasingly important in building culture and engagement.
- 36 percent said events will be used more to advance growth of individual employees.
- Two out of five said events will be using more hybrid formats in the future.
- Nearly seven out of 10 view building relationships through face-to-face interaction as the most difficult aspect of events to replace.