Events industry is worth £18.8 billion

The conference and events industry is worth £18.8 billion to the UK’s economy, a new survey has found.

The UK Events Market Trends Survey (UKEMTS) is an annual survey, which measures the volume and value of the business events and conference market in the UK.

The results of the survey which was launched by Eventia in 1993, aim to provide an estimate of the market’s value in regards of revenue to event venues.

The survey, which was based on information returned by 403 venues, also found that on average, each venue held 379 events in 2009, although this is down slightly from 2008, when the average was 391 events per venue.

Research found that most venues are feeling optimistic about future business with 65 per cent planning on investing in their properties. Of this, nine per cent revealed they would be spending in excess of £1 million, according to the story in Events Magazine.

It was also estimates that 94 million people attended events during 2009 and there were an estimate 1.32 million events held. Each event had an average attendance of 71 people.

The new figures are good news for those that have venues for hire. Last years survey estimates the sector was worth £7.2 billion in comparison to £8 billion the year before.

Industry experts particularly welcome the news after another survey, recently carried out by the Unique Venues of London (UVL) and The Westminster Collection (TWC), found that more than half of all venues had seen a reduction in corporate bookings during 2009.