There has been notable growth in
budget stability and economic impact for business events across developed
regions, according to the Global Destination Report 2024.
Commissioned by The Business of Events, this year’s report has again been produced in collaboration with SFA Connect, ICC Belfast, and IBTM World, with a focus on insights from industry stakeholders in international destinations.
The report reveals that destinations such as North America and Western Europe are enjoying economic benefits from large-scale business events, with over 50 per cent of surveyed regions reporting event-driven contributions that exceed €100 million annually. Respondents from developed areas, including Western Europe (9 per cent), Central Europe (13 per cent), and North America (13 per cent), reported economic values from business events reaching over €5 billion in 2024.
However, the findings indicate persistent disparities in economic benefit, with a notable decline in direct economic value in the South and Central Americas (33 per cent) and Oceania (25 per cent). While developed regions continue to thrive, smaller cities and less developed areas are not capturing the same level of economic gain from business events, highlighting the need for inclusive growth strategies. Additionally, while funding remains stable or grows for larger destinations, regions in Central and South America are reassessing funding models to align with changing market dynamics.
The findings also indicate that overtourism does not present a major barrier to business events, with 82 per cent of respondents noting no adverse effect. However, Asia emerged as an exception, with 50 per cent of respondents from the region noting overtourism as a potential concern for event hosting.
A core area of focus in the report is the ongoing call for stronger government advocacy. The majority of respondents indicated that government recognition of business events’ value remains insufficient. While Africa, the Middle East, and Central and South America reported some progress in government support, many other regions expressed frustration with a lack of engagement or meaningful policy support.
Martin
Fullard, director of The Business of Events, said: “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.”
Budget stability
The report points to a promising trend in
budget stability, with most respondents reporting steady or increasing budgets
in developed regions. Larger destinations and capital cities have benefited
from budget growth, enabling better planning and sustainability within the
sector. However, budget cuts were still reported in Central and Southern
America, parts of Europe, and the Middle East, and the issue of undersized
teams remains widespread across Africa, the Middle East, and Europe. This
staffing concern could hinder the sector’s ability to meet demand and achieve
long-term growth.
Ross
Moffett, sales director of ICC Belfast, said: “Our
industry has a powerful impact on economies worldwide, but sustainable growth
requires commitment and investment. We support the Global Destination
Report as it highlights the very real financial and operational pressures many
destinations face, particularly around skills shortages. This report
shows the invaluable economic engine that exists when business events are given
the right support. It reinforces the need for governments to provide the
appropriate policy focus necessary to help our sector thrive.”
The report also identifies changes in
business models across regions. Areas like Asia and Central/Southern America
are actively reviewing funding strategies to adapt to market needs, while
regions such as Southern and Northern Europe report higher stability with
minimal shifts in their approach.
The report concludes by stressing the importance of alignment between the business events sector and
government policy, including the need for increased advocacy and direct
financial support. Suggestions include implementing tax incentives, promoting
sustainability, and establishing stronger industry-academic partnerships to
address talent shortages and drive sector growth.
The report can be downloaded here: https://the-business-of-events.com/research/
