Business

United Kingdom Earned £18.1 Billion From Huge Events

According to the latest research published by the UK Conference and Meeting Survey 2018 or UKCAMS, the United Kingdom was able to earn £18.1 billion from direct expenditure. The money came from conference as well as meetings organized in venues within the country including spending for the past year. This is good news for the conference event management industry of United Kingdom.

Despite the fact that the entire number of events such as meetings and conferences organized in 2017 is lower in comparison to 2016, the average size is still higher between the two consecutive years. The survey which is called UK Conference and Meeting Survey celebrated its 25th year which aims to focus on the industry’s value as well as volume. It also measures the performance of the venues where the meetings were held. It also features major market trends that are discovered within the venues.

The spending of the delegates was determined using the most recent Business Events Research that was done in 2017 by VisitBritain, a national tourism board. This is changing the historic data that was used in previous estimates made by UKCAMS.Looking at the research results, it is evident that the total number of last year’s meetings and conferences is worth 1.29 million while in 2016 it was 1.45 million.The numbers still met the standard created for the entire decade with a yearly average of 1.31 million.

Venues reported that they hosted around 373 meetings and conferences for the entire year of 2017 but the number is lower compared to 2016 and 2015 where they hosted 419 ad 383 events respectively. The upside is that the average size of the 2017 events is bigger with 72 delegates for every event. In 2016, there is only an average of 67 delegates per event. This is the reason why the industry is still doing well despite the decrease in the number of events as the size was able to make up for it.

Capital investment is looking good because venues reported that 82 per cent of them have received investment offers last year and 15 per cent are providing more than £500,000 of investment funds. This is silver lining to the conference event management in the country and goes to show that larger events are better than many but with smaller delegates.