The Business Visits and Events Partnership’s (BVEP) eagerly-anticipated report into the events industry’s contribution to GDP has been released.
According to eventindustrynews.co.uk, researchers working on the group’s behalf say conferences and meetings are worth a grand total of £19.9 billion to the economy, with exhibitions and trade fairs adding £11 billion.
The 143-page ‘Events are GREAT Britain’ report also reveals the long-lasting impact that major events can deliver. It’s thought that £500 million was spent by businesses in the aftermath of the 2012 London Olympic and Paralympic Games, with this going towards extending their stay in Britain and holding additional meetings.
BVEP proved that London 2012 is still painting Britain in a positive light, as the report shows British companies gaining £130 million worth of events-related contracts for the Brazil 2014 World Cup and the Rio de Janeiro 2016 Olympic and Paralympic Games off the back of Britain’s own Olympic success.
Meetpie.com cites figures from the report which say the events industry is currently made up of over 25,000 businesses, who range from event planners to providers of corporate hospitality.
BVEP chair Michael Hirst says the report highlights the “scope and characteristics” of the industry as well as a number of key industry trends.
He added: “It identifies trends, opportunities, key issues and challenges which, if overcome, will advance Britain’s position as the leading destination for world-class events and that of its event businesses as the leaders in offering their impressive services round the world.”