The Events Industry Council (EIC) has announced that business events in Africa are worth a whopping 23.4 billion dollars for the year 2017 according to its preliminary results released recently.
In a press release by the global organisation, the preliminary results are an unprecedented worldwide study on the economic significance of face-to-face business events.
It said the Global Economic Significance of Business Events, conducted by Oxford Economics is the first-ever comprehensive study on the impact of business events. The research according to the organisation was made possible by ground-breaking industry collaboration with the EIC in partnership with IMEX, Hilton, the MPI Foundation and the PCMA Education Foundation.
The trillion-dollar (USD outlay reflects the direct spending attributed to planning, producing, attending and/or hosting business events which include meetings, conferences, conventions, exhibitions and incentive travel. As a commercial engine, this would rank the business events sector alongside consumer electronics in terms of size and scope.
“IMEX America, which brings together more than 13,000 of the industry’s leading decision makers and influencers, is the ideal place to share the powerful effect business events have – economically, socially and culturally,” said Tina Wehmeir, CMP, CAE, Chair, Events Industry Council.
“This research will be a critical tool in demonstrating why business events are key to growth and development in every corner of the world.” In 2017, business events brought together more than 1.4 billion participants in over 180 countries.
The EIC expects to make the full research report available on its website 9 November, which will also include the total economic impact of business events, including jobs and GDP, as well as ranking of the top 50 countries. EIC is also sharing the link via #BE1TrillionStrong.
Events Industry Council CEO, Karen Kotowski, CMP, CAE noted “The Global Economic Significance of Business Events offers a compelling snapshot of the broad reach, scope and strength of our industry. The findings will help us tell a more complete story of how and why business events serve as a major economic generator. We are especially fortunate that industry champions Hilton, IMEX, the MPI Foundation and the PCMA Education Foundation made it possible to quantify the real value of business events.”