There has been notable growth in budget stability and economic impact for business events across developed regions, according to the Global Destination Report 2024.
Commissioned by The Business of Events, this year’s report has again been produced in collaboration with SFA Connect, ICC Belfast, and IBTM World, with a focus on insights from industry stakeholders in international destinations.
The report reveals that destinations such as North America and Western Europe are enjoying economic benefits from large-scale business events, with over 50 per cent of surveyed regions reporting event-driven contributions that exceed €100 million annually.
Respondents from developed areas, including Western Europe (9 per cent), Central Europe (13 per cent), and North America (13 per cent), reported economic values from business events reaching over €5 billion in 2024.
However, the findings indicate persistent disparities in economic benefit, with a notable decline in direct economic value in the South and Central Americas (33 per cent) and Oceania (25 per cent). While developed regions continue to thrive, smaller cities and less developed areas are not capturing the same level of economic gain from business events, highlighting the need for inclusive growth strategies. Additionally, while funding remains stable or grows for larger destinations, regions in Central and South America are reassessing funding models to align with changing market dynamics.
The findings also indicate that overtourism does not present a major barrier to business events, with 82 per cent of respondents noting no adverse effect. However, Asia emerged as an exception, with 50 per cent of respondents from the region noting overtourism as a potential concern for event hosting.
A core area of focus in the report is the ongoing call for stronger government advocacy. The majority of respondents indicated that government recognition of business events’ value remains insufficient. While Africa, the Middle East, and Central and South America reported some progress in government support, many other regions expressed frustration with a lack of engagement or meaningful policy support.
Martin Fullard, director of The Business of Events, said: “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.”
Budget stability
The report points to a promising trend in budget stability, with most respondents reporting steady or increasing budgets in developed regions. Larger destinations and capital cities have benefited from budget growth, enabling better planning and sustainability within the sector. However, budget cuts were still reported in Central and Southern America, parts of Europe, and the Middle East, and the issue of undersized teams remains widespread across Africa, the Middle East, and Europe. This staffing concern could hinder the sector’s ability to meet demand and achieve long-term growth.
Ross Moffett, sales director of ICC Belfast, said: “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.”
The report also identifies changes in business models across regions. Areas like Asia and Central/Southern America are actively reviewing funding strategies to adapt to market needs, while regions such as Southern and Northern Europe report higher stability with minimal shifts in their approach.
The report concludes by stressing the importance of alignment between the business events sector and government policy, including the need for increased advocacy and direct financial support. Suggestions include implementing tax incentives, promoting sustainability, and establishing stronger industry-academic partnerships to address talent shortages and drive sector growth.
The report can be downloaded here: https://the-business-of-events.com/research/
