The report polls destination teams around the world to understand the current conditions as they seek to secure business events for their cities, regions and countries. In total 1,022 people took the survey.
The report quantified the sizeable economic impact of business events, with 41 per cent of respondents putting the economic value of business events to their destination at over €100 million (AU$162 million) in the last year. Given that 49 per cent of respondents came from tier two cities, these figures are strong.
Overall, five per cent of respondents reported over €5 billion (AU$8.1 billion) in economic value generated by business events. Three per cent of tier two cities reported a figure of over €5 billion.
However, the results showed that developed countries and larger cities enjoyed the most economic value from business events, while smaller cities and less developed regions benefited less.
The report also showed that growth in economic value from events has slowed significantly compared to 2023, with 49 per cent of respondents saying economic value had increased compared to 75 per cent last year. An additional four per cent of respondents in 2024 said economic value from business events had dropped, compared to 2023.
In terms of destination funding for business events, the report suggests overall the level of funding is reasonably stable, although results from 2024 show a six per cent drop in destinations who have received the same or more funding to attract business events to their cities, regions or countries.
Funding stability was highest locally in Oceania, followed by Northern Europe, while funding cuts were predominantly being experienced in other parts of Europe, South and Central America and the Middle East.
In terms of total funding received – including subvention – 50 per cent of all respondents are receiving up to €500,000 (AU$811,000) with the top 21 per cent receiving over €1.5 million ($2.43 million).
In terms of event volume, most respondents reported either constant or significantly increased business events in their destinations compared to 2023, with international events seeing the largest increase in volume.
There were two areas of considerable negative sentiment in the survey.
The majority of destinations felt their teams were too small for the scope of work expected. In regions including Africa, the Middle East and Eastern Europe, 100 per cent of respondents said their team was too small while in Oceania, three quarters believed their team was too small. On the flipside, 46 per cent of respondents in North America felt the size of their team was adequate.
On the advocacy front, more than 50 per cent of respondents said business events were not well supported or understood by governments. In Oceania, there were no respondents who felt support or understanding had improved within the last year. The largest improvements were seen in Central and South America.
A series of interviews which accompanied the survey also ascertained the major perceived challenges for the industry, being advocacy and policy, funding and economic factors, sustainability and social responsibility, industry growth through talent development and infrastructure and capacity.
There is concern on the talent front that the industry’s ability to grow is being hampered by a lack of talent willing to work in the business events industry.
In terms of capacity, there are constraints for venues and accommodation in some regions.
The annual report was commissioned by industry thinktank The Business of Events, who undertook the research in collaboration with SFA Connect, ICC Belfast and IBTM World.
“The 2024 Global Destination Report serves as an essential tool for industry stakeholders to understand the real-time challenges and opportunities in the business events sector,” said The Business of Events director, Martin Fullard.
“Our findings reveal that while many regions benefit economically, the sector still faces an advocacy gap with policymakers.
“We’re proud to provide data that destinations can leverage to secure funding and make the case for the essential role business events play in economic and social development.”
