The inaugural “Annual State of the Business Events Industry (2023) Report” provides a snapshot of the nation’s healthy business events sector, despite ongoing pressures from inflation and workforce shortages.
The report outlines how the global business events sector rebounded to near pre-COVID-19-pandemic levels in 2023, with sustainability measures, technology and a generational shift at the forefront.
While the contribution to the visitor economy – domestic and international visitors combined, as reported by Tourism Research Australia (TRA) – totalled $20.9 billion in 2023, this figure does not include spending of local delegates who do not meet the travel distance criterion to be classified as day-trippers.
In addition, the TRA study does not include exhibitor expenditure, the expenditure of organisers in excess of delegate registration fees, or the high yield component of incentive events.
Based on the results, the report estimates the total contribution business events make to the economy would be at least 75 per cent higher than the contribution it makes to the visitor economy.
Key trends from the report include:
- Data privacy and security are top priorities.
- A focus on creating new career opportunities within the workforce.
- Mandatory Scope 3 reporting on carbon emissions will affect the industry.
“This report is essential for our industry to understand emerging trends and develop strategies for adapting to new markets,” says Melissa Brown, CEO of the Australian Business Events Association.
“It highlights the need to modify event programs to address evolving demands, particularly with the rise of the millennial delegate.
“From these findings, we anticipate a significant increase in the adoption and role of technology and data within the sector, as early adopters pursue secure AI solutions for data analysis.”
The report also emphasises the growing importance of destinations in achieving successful business event outcomes.
Data from Australia’s nine largest convention centres indicate a 12 per cent growth in hosted events and a 37 per cent rise in delegate numbers in 2023, compared to 2022, reflecting greater willingness to travel post-pandemic.
Predictions for 2024 are strong, and final numbers are expected to be back to 100 per cent of pre-pandemic levels.
The 41-page report, authored by Dr Leo Jago, director of Tourism and Business Events International, utilised data from convention centres, Convention Bureaux Pipeline Data, Tourism Research Australia, the Bid Fund Program, airline capacity, ICCA global rankings, UFI Global Exhibition Barometer, and the incentive travel index.
