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UK Study Exhibits Value for the Meetings and Events Industry
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The recent UK Economic Impact Study released by MPI UK/Ireland presents an interesting and comprehensive assessment of the impact of the meetings and events industry on the British economy.

Here are some of the highlights that I would like to share with you:

  • The UK meetings industry delivers £58.4bn to the UK’s gross domestic product (GDP) making an economic contribution 3x greater than agriculture
  • Meetings total gross value added contribution (GVA) of £20.6bn is more than legal services, accountancy or broadcasting
  • Attendees spent just under £40bn attending UK meetings alone
  • Meetings industry is the 16th largest employer with more than 515,000 individual directly employed, double that of the telecoms industry
  • More than 1.3m meetings were held in the UK in 2011 in over 10,000 venues
  • The meetings industry contributed £21.1bn in tax revenue to the UK government

With an industry this valuable we need to start taking ourselves just a bit more seriously. Certification, measurement and spend control are three areas that need to be addressed by organisations that run events.

First, are your teams properly trained in this discipline? If not, why aren’t they? Would you employ a lawyer or accountant without the appropriate qualifications? For details on certification check out the industry trade association www.eventia.org.uk or, if you operate outside the UK, visit www.pcma.org

The second aspect associated with meetings that needs to be addressed is measurement. For example, do you know how many events your organisation is currently running? What are those events about? Most importantly, why you are doing them? If you are not asking these questions of your organisation’s meetings, talk to us at ACTIVE Network. Our event technology can assist you in measuring, reporting and analysing your meetings and events portfolio so you can make better, more informed decisions.

Finally, companies need to start taking their meeting spend more seriously. If I were a CEO – with figures like this being a proven factor – I would certainly want to start looking at this area of spend and understanding it a little more. With ACTIVE StarCite you can track your spend with vendors and find significant savings, and efficiencies.

It’s time for event professionals to sit up and command our seat at the executive table. The way to do this is by intelligently using the right data. I’m curious to know what data insight would change the way you do business today. Feel free to post a comment below.

The full research report is available to download from www.mpiweb.org/UKEIS

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UK Study Exhibits Value for the Meetings and Events Industry