The
Business of Events has launched a white paper to explore global classification codes
and the impact they have the events economy.
The paper, ‘ISIC
Codes and the Global Events Economy’ reveals how current economic
classification systems hinder the accurate measurement of the events sector.
What are
SIC codes:
A Standard Industrial Classification (SIC) code is a five-digit code that
categorises a company's primary industry based on its highest revenue category.
SIC codes are used to collect and present statistical data on economic
activity. They are also used to help identify what area a business is working
in.
Why do they matter to the events industry?
The White
Paper highlights that the United Nations' ISIC (International Standard
Industrial Classification) codes, which form the basis for regional systems
like NAICS (North America), NACE (European Union), and SIC (UK), do not
sufficiently capture the global value of the events industry, despite being
updated as recently as 2023. As a result, these systems fail to reflect the
scale, complexity, and modern practices of the global business events sector.
Key industry
segments such as agent, venues, association, academic, supplier and service
businesses, as well as sustainability-focused initiatives, remain either
misrepresented or entirely absent from the current codes. This omission
significantly undermines the sector’s ability to demonstrate its economic and
societal value, making it harder for industry bodies to lobby for government
recognition and support effectively.
The White
Paper explores how these outdated codes fragment the measurement of the Events
Economy, making it challenging to quantify the sector’s contributions to GDP,
job creation, and knowledge exchange accurately. It also outlines actionable
solutions, including lobbying for updates to the ISIC system and establishing
global frameworks for standardized data collection.
Martin
Fullard, director of The Business of Events, said: ‘The events economy is a
multi-billion-dollar global powerhouse, driving economic growth, innovation,
and collaboration across all sectors. Yet, it remains hidden in plain sight
because governments and policymakers are working with a measurement system that’s
omits a valuable commodity. Without an update to the ISIC codes, we cannot
accurately capture the scale of the Events Economy or advocate for the support
it deserves. This white paper is a call to action for the industry to unite and
push for meaningful change.’
The White
Paper is now available for download on The Business of Events website,
providing critical insights and recommendations for stakeholders across the
global events industry.
Key findings
of the white paper
- Outdated
Classification: The UN’s ISIC codes, last updated in 2023 after not being
touched since 2008, do not account for the evolution of the events sector.
- Fragmentation:
Regional systems like NAICS, NACE, and SIC inherit these limitations,
leading to inconsistent and incomplete data.
- Impact
on Advocacy: Without accurate measurement, the industry struggles to
secure policy recognition and financial support.
- Proposed
Solutions: Updating ISIC codes and creating a global Business Events
Satellite Account (BESA) to measure the industry comprehensively.
