Despite talk of the power of “Swiftonomics”, business events deliver the equivalent of 3,600 Taylor Swift tours to the Australian economy each year, writes Australian Business Events Association CEO Melissa Brown.
The net economic impact of Taylor Swift’s seven Australian shows in 2024 has been estimated at $10 million (or 0.002 per cent of GDP) according to KPMG chief economist Brendan Rynne – as published in The Australian Financial Review – even though Swifties spent $140 million on their tickets alone.
There has been much said about “Swiftonomics” and the boost to the economy from the US pop superstar visiting our shores, but the reality is that most of that money has been spent by locals on tickets and merchandise, which is money redirected from other categories or savings.
While the business events industry may not have fun friendship bracelets and chart-topping songs of love and loss, it is the quiet giant in the economic landscape, producing the equivalent of 3,600 “The Eras Tours”every year, with our industry estimated to contribute $36 billion to GDP annually.
In fact, the largest injection of funds to Australia related to the Tay Tay concerts would have come from international visitors, who, on average, spent 11 days and $6000 each while here. However, 98 per cent of tickets were sold to locals.
Business events, conferences, exhibitions, incentives and meetings are occurring every day in Australian cities and regions, with many non-urban centres reliant on business travel and events for their economic viability.
The Asia Pacific Incentives and Meetings Event (AIME) is the premium business events gathering in Australia. Business events buyers meet with destinations and suppliers to determine where and how their calendar of events will occur.
The 4000 delegates who attended AIME 2024, held at Melbourne Convention and Exhibition Centre in February, are estimated to have generated $330 million in business. That is the equivalent of 33 Taylor Swift tours Down Under. The event itself injected $8 million into the Victorian economy.
The business events industry continues to strengthen, as seen in a strong bounce-back after COVID-19, where there was pent-up desire from online-meeting-weary professionals who were ready to do business face-to-face. The industry continues to grow and change; AIME reports that one in two visitors to AIME 2024 – a show in its 31st year – were first-time attendees.
This powerhouse of a sector is enabling major international and domestic scientific, economic, educational and social outcomes by hosting conferences and exhibitions for everything from cardiology and AI, to disability services and engineering.
The explosion of ideas, connections and networks created in the half-a-million business events occurring every year has exponential impact. The Australian business events industry, which directly employs an estimated 229,000 people – and indirectly employs thousands more – intersects small business operators with multinationals across venues, suppliers, organisers and government agencies, and yet most Australians don’t know we exist.
It is time for business events to be seen for their full strength and contribution to the Australian economic landscape and society at large.
Maybe a love song would help.
