by Vincent Alonzo | December 01, 2018

Direct spending on meetings and events has passed the $1 trillion mark, according to a worldwide study on the economic significance of meetings, conducted by Oxford Economics and co-sponsored by the Events Industry Council, IMEX, Hilton, the MPI Foundation and the PCMA Education Foundation. 

The trillion-dollar estimate reflects spending on the planning, producing, attending and/or hosting of business events such as meetings, conferences, conventions, exhibitions and incentive travel.

"This research is a critical tool in demonstrating why business events are key to growth and development in every corner of the world," said Tina Wehmeir, CMP, CAE, the CEO of the AMC Institute and chair of the EIC.

The study looked at meetings in 2017; other stats include:

• Meetings involved more that 1.4 billion participants across more than 180 countries;
• On average $711 was spent per participant; and

• Most spending, 96 percent of the global total, was done in 50 countries.

Events held in North America ($381 billion), Asia ($290.9 billion) and Western Europe ($266 billion) accounted for $937.9 billion of spending (all in U.S. dollars).

The full 2018 Global Economic Significance of Business Events report can be downloaded for free at here.