Posted on | March 29, 2011 | No Comments
Two recent reports from the trade show and convention industry give event marketing professionals reason to celebrate. The March 14th issue of B to B Magazine reported on the 4.1% growth in 2010 over the previous year of the CEIR Index which aggregates four event industry metrics: number of exhibiting companies participating, revenue, attendance, and size of expo floorspace used. Compiled by the Center for Exhibition Industry Research, the index is a strong indicator that trade show events are making a turn-around after years of losing ground.
Another study — one that drives home the economic importance of the meetings industry — showed that the US meetings business provides for 1.7 million workers, represents $263 billion in spending, and annually contributes $106 billion to the US economy. As reported in the March edition of Meetings & Conventions Magazine, “The Economic Significance of Meetings to the US Economy” study was conducted by PwC US and sponsored by an alliance of 14 meetings industry associations, among them the Convention Industry Council, Meeting Professionals International Foundation, Professional Convention Management Association/Education Foundation, Association of Destination Management Executives and the US Travel Association.
Stats of interest:
- The meeting industry contributed more to the US Gross Domestic Product in 2009 than the auto industry: $106 billion vs $78 billion for the latter.
- The meeting business employs more people (1.7 million) than truck and rail combined (1.5 million) or computer systems design (1.4 million).
- 205 million people attended 1.8 million meetings (gatherings of 10+) in 2009.
- Nearly half (46%) of the $145 billion spent to participate in events was spent on registration fees.
There is, therefore, more than good reason to hope that: (1) people WILL come out to your well-planned events, (2) they will spend money doing so, and (3) event marketers can expect even better results in 2011.