The Events Industry Council (EIC) has launched a new study that will examine the events industry’s impact on the global economy and, for the first time, quantify the cumulative losses experienced in 2020 due to the COVID-19 pandemic.
“This study will provide critical data,” says EIC CEO, Amy Calvert. “Understanding those important points will help with advocacy efforts as we navigate towards the recovery.”
The high-profile project will cover the full economic impact of events, using 2019 as a watermark, and quantify event-related economic 2020 losses due to the pandemic at a national, regional and global level. It will also assess prospects for meetings and other events in 2021 and beyond, including tactics and strategies being employed to accelerate the recovery, and speak to the role of meetings and events as a catalyst for economic recovery.
Research will include a global survey of meeting planners, venue managers and exhibitors; secondary traveller survey data from travel-focused market research consultancy, Longwoods International; existing studies on the economic impact of meetings for select global markets; group room demand and revenue statistics from STR, a market research firm focused on the hospitality sector; and country-level economic data by industry.
“The past 12 months have taught us an important lesson,” says EIC chair, Mark Cooper. “It is critical to be in a position to measure and articulate clearly the significance of business events both in our regions and globally. The 2021 study offers an important perspective on the recovery for years ahead, which just as in 2020, governments and influencers will need to understand and then support.”
EIC is comprised of more than 30 member organizations representing over 103,500 individuals and 19,500 firms and properties involved in the events industry. It is collaborating with Oxford Economics on the project and is actively seeking financial support from industry advocates across all sectors and geographic regions. There are multiple enterprise and individual sponsorship opportunities for the comprehensive report.