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Events Industry Council launches major economic significance study

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EIC seeks funding partners for comprehensive report that will quantify economic value of global events and assess losses spurred by pandemic.

WASHINGTON, D.C., USA - The Events Industry Council (EIC), in partnership with Oxford Economics, announced an ambitious new study examining the global events industry’s economic impact and, for the first time, quantifying the cumulative losses experienced in 2020 due to the COVID-19 pandemic.

EIC is currently seeking fundraising partners for the high-profile project, which will cover three primary areas of focus:

  • Understand 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
  • Assess prospects for meetings and other events in 2021 and beyond, including tactics and strategies being employed to accelerate the recovery
  • Articulate the role of meetings and events as a catalyst for economic recovery

“This study will provide critical data for understanding the true breadth of the events industry’s impact on the global economy and the staggering impact 2020 had on the entire events ecosystem,” said EIC CEO Amy Calvert. “Understanding those important data points will help with advocacy efforts as we navigate towards the recovery.”

The wide-reaching research will include:

  • A global survey of meeting planners, venue managers, and exhibitors
  • Secondary traveler survey data from Longwoods International, a travel-focused market research consultancy
  • 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
  • Country-level economic data by industry

EIC has created multiple enterprise and individual sponsorship opportunities for the study and is actively seeking financial support from industry advocates across all sectors and geographic regions. Learn more about opportunities at ADD URL.

“The past 12 months have taught us an important lesson,” said Mark Cooper, Chair of the EIC Board of Directors and CEO of IACC. “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."

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