Report
UK events industry generates £ 61.6bn annually , according to new industry report
U mbrella organisation of the UK ’ s events industry , UKEVENTS , has announced that the UK events industry generated £ 61.65bn in 2023 , a figure almost back to pre-pandemic levels of 2019 .
The new figure comes in the new 2024 UKEVENTS report compiled for the organisation by Great Potential Consultancy and released at the end of October 2024 .
Under the overall estimated £ 61.6bn figure , the breakdown into component values are as follows :
• Meetings & Conferences – £ 16.3bn
• Exhibitions & Trade Fairs – £ 10.9bn
• Outdoor , Music , Festival and Sport Events – £ 28bn
• Business Travel Meetings – £ 4bn . The report highlights the events industry ’ s critical role in the economy and covers a wide range of events , including corporate , public and charity sectors . The report also makes clear that the UK events industry has proven itself to be a vital economic driver , contributing not just financially but also culturally and socially , as well as paving the way for future growth and innovation .
Findings from the report include :
• Corporate events , such as conferences , exhibitions and product launches , are generating £ 33.6bn a year
• Leisure and outdoor events , including music festivals , sporting events and cultural festivals , are contributing £ 28bn
• A shift in employment dynamics , with more freelance roles and stabilising salaries .
Additionally , the report points to the industry ’ s growing focus on sustainability and technological innovation .
By integrating new technologies like AI , the report notes , the UK is positioning itself to remain competitive in the global events landscape .
The opportunities for the UK events industry were also surveyed , following the pandemic which had led to a decline in live events .
“ Now AI is dominating conversations with business leaders ,” the report notes . “ Change is the constant and , while we cannot predict the exact state of the [ UK ] events industry in the next two to three years , one thing is clear : events are in demand and once more the events industry is an influencer in the corporate value chain .”
The report also looks at Legacy and Advocacy , albeit in somewhat generalised terms . The strength of the report may not be in any new deep analysis but in collating a large body of reference and attempting to put some definitions in place , even though comparing like with like over different time periods is still a task that the UK industry is grappling with , clearly .
Chris Skeith OBE , chair of UKEVENTS , commented : “ The UK events industry has faced unprecedented challenges over the past few years , but what ’ s clear from this report is that we ’ ve not only recovered but are driving forward a growth agenda that will see our sector flourish in the years to come .
“ The resilience , adaptability and innovation within our industry are second to none , and I ’ d like to extend my thanks to all those involved in putting this report together . Their efforts provide a strong case to share with the UK government as we advocate for the continued recognition and support of this vital sector .” n
ISSUE 134 / CONFERENCE & MEETINGS WORLD / 49