Meetings and events are not only integral to organisations, but to host cities as well. More specifically, not only do they provide fascinating learning and networking opportunities for attendees, they also account for the generation of significant revenue streams. Subsequently, these instances can be used within a solid external communication plan for increasing the destination’s public profile as they drive local growth and promote innovation.
Our industry includes and provides services that can be considered as a catalyst for overall economic growth, as they help drive travel and tourism into communities, leading to visitors’ spendings and new job vacancies. As an example, a recent report suggests that for 1.8 million meetings and events that take place in the US every year, the overall result is a staggering $115 billion contribution to the national GDP.
Spreading of knowledge & innovation
You can estimate the financial outcome of a single event by adding up the revenue from hotel bookings, venues, meals, etc. But, even though meetings and events are, on one side, a great way to generate profit, they are also responsible for bringing fresh ideas, new concepts and inspiration. When combined, these elements can create a long-term impact on shaping economies and other related industries.
Furthermore, they have an equally valuable impact in terms of knowledge sharing, city branding, academic research and forging new business relationships.
As sustainable strategies are fully immersed into event planning, host cities are increasingly striving towards becoming greener. According to the Global Destination Sustainability Index, in 2017 more than 200 cities around the world are adopting practices that contribute towards a community that shows concern for the environment and its people. The Smart City market booming and in fact, it is estimated to reach a potential €1,5 trillion market by 2020.
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