IBTM World and ICC Belfast Showcase Industry Insights in Global Business Events with New Report

Tuesday, November 19, 2024

During IBTM World, The Business of Events (TBOE), in collaboration with ICC Belfast, introduced the Global Destination Report 2024. This comprehensive analysis offers a fresh perspective on the global business events sector, exploring its economic contributions, funding patterns, government support, and advocacy challenges.

Developed with input from SFA Connect, ICC Belfast, and IBTM World, the report gathers insights from stakeholders across global destinations. It aims to provide actionable strategies for policymakers and industry leaders to enhance the sector’s impact, foster international collaboration, and promote sustainable growth.

The findings highlight a strong economic performance in developed regions, where business events significantly contribute to local economies. Destinations in North America and Western Europe are leading the charge, with over half of surveyed regions reporting annual contributions exceeding €100 million. Furthermore, regions like Western Europe, Central Europe, and North America project economic benefits from business events to surpass €5 billion by 2024.

However, not all destinations are experiencing this level of success. The report underscores a growing divide, with smaller cities and emerging markets struggling to match the economic gains of well-established hubs. Central and South American regions, for example, are rethinking funding models to better align with shifting market demands and foster long-term growth.

The report emphasizes the importance of creating equitable opportunities across all regions. By prioritizing advocacy, reimagining funding mechanisms, and implementing inclusive policies, the business events sector can unlock untapped potential in underrepresented destinations.

Presented at IBTM World, the Global Destination Report 2024 is not just an analysis of current trends but a roadmap for the future. It calls for collaborative efforts to address disparities, leverage opportunities, and ensure a resilient and inclusive global business events ecosystem. This forward-thinking approach aims to redefine how the industry drives economic and social value on a global scale.

Martin Fullard, Director of The Business of Events, commented on the report’s purpose and the importance of ongoing research: “The 2024 Global Destination Report serves as an essential tool for industry stakeholders to understand the real-time challenges and opportunities in the business events sector. 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.”

Government Engagement and Financial Backing

The report emphasizes the pressing need for enhanced government advocacy in the business events sector. Most respondents highlighted insufficient recognition by governments regarding the sector’s economic and social value. While regions such as Africa, the Middle East, and Central and South America have seen some improvements in governmental support, many other areas continue to face challenges due to limited engagement and a lack of impactful policy initiatives.

Claudia Hall, Show Director of IBTM World, highlighted IBTM World’s commitment to providing a platform for industry-wide discussions: “IBTM World is dedicated to supporting the business events industry and advancing dialogue on critical issues such as advocacy. By creating a forum for open discussions, we hope to empower industry professionals and help drive positive change. Reports like this one are vital, as they shine a light on areas where we can collectively work to influence decision-makers and secure a stronger future for business events.”

Budget Trends and Workforce Constraints

The report highlights a positive trend in budget stability, with most respondents from developed regions noting steady or increased funding. Larger destinations and capital cities have particularly benefited, allowing for improved planning and greater sustainability in the business events sector. However, budget reductions persist in Central and South America, certain parts of Europe, and the Middle East. Additionally, the challenge of understaffed teams remains prevalent in Africa, the Middle East, and Europe, posing a significant obstacle to meeting industry demand and achieving sustainable long-term growth.

Ross Moffett, Sales Director of ICC Belfast, noted the importance of sustainable funding and staffing: “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.”

Evolving Business Models and the Influence of Over-Tourism

The report highlights significant shifts in business models across various regions. In Asia and Central/Southern America, funding strategies are being actively re-evaluated to align with evolving market demands. Meanwhile, Southern and Northern Europe report greater financial stability with minimal changes to their established approaches. Notably, over-tourism is not perceived as a major challenge for the business events sector, with 82% of respondents indicating no negative impact. However, Asia stands out as an exception, where 50% of respondents identified over-tourism as a potential obstacle to hosting events.

Recommendations for Progress and Collaboration in Business Events

The Global Destination Report 2024 emphasizes the importance of aligning the business events industry with government policies to foster growth and resilience. Key recommendations include increasing advocacy efforts, introducing tax incentives, promoting sustainable practices, and strengthening partnerships between the industry and academia to address talent shortages.

The report underscores the essential role of business events in driving economic and social progress. It calls on stakeholders to leverage these findings to create strategies that ensure a sustainable, future-ready business events sector.

The Global Destination Report 2024 is now accessible, offering valuable insights to destinations, event organizers, and policymakers as they navigate the path toward innovation, collaboration, and long-term success in the industry.