Events industry worth £40 billion to UK economy

Event Industry Worth 40millionA recent report states that the UK’s event industry contributes £39.1 billion to the UK’s economy, a £3 billion increase from last year’s total. The events industry therefore accounts for a staggering 35% of the UK’s visitor economy. These direct benefits to the UK economy can be broken down into separate segments of the industry:

  • Conferences and meetings – £19.9 billion

  • Exhibitions and trade fairs – £11 billion

  • Sporting events – £2.3 billion

  • Music events – £1.3 billion

  • Incentive travel and performance improvement – £1.2 billion

  • Corporate hospitality and corporate events – £1.2 billion

  • Outdoor events – £1.1 billion

  • Festivals and cultural events – £1.1 billion

The conferences, meetings, exhibitions and incentives segments alone provided £21 billion of tax revenue in 2011. Other headline figures included those covering employment: 25,000 businesses are involved in the events sector, employing over half a million people. Events have driven over £1 billion of investment in UK infrastructure.

 

The figures were announced in the recently published Events Are Great Britain report by the Business Visits and Events Partnership, which can be read in full on the BVEP website. The figures were unveiled at International Convex 2014, one of the largest events shows in the UK. 300 exhibitors featured at the show, and there was a keynote speech by Karren Brady – one of the highlights of the event.

 

If you’re looking to organise an event in the near future, contact R&B Group now. Our award-winning event technology and production services will make your event one to remember!