Martin Fullard , editorial director , Conference News , says the true value of the events industry is in the creation , not the consumption

ver since the pandemic took hold , the events industry ’ s value narrative has been focused on creating an awareness of value consumption . There is no problem with this in a pure ‘ events industry business ’ discussion as it matters a great deal .

How many people an event brings to a destination is an important metric . A large event will fill thousands of hotel bedrooms , it will book-out restaurants , pubs will need more kegs and extra staff , taxi drivers will

“ Indeed , the famous figure of £ 84bn , the so-called ‘ value of the entire events industry ’, is a figure based on direct spend … but this is only half the story .”

earn decent fares , exhibition stand builders will build more stands . An event coming to town creates jobs and grows businesses in a tangible , measurable way .

Indeed , the famous figure of £ 84bn , the so-called ‘ value of the entire events industry ’, is a figure based on direct spend … but this is only half the story .

The value creation is where the industry ’ s true magic is found , but measuring something like this , something so intangible , is incredibly difficult ; and even harder to put into words .

The value created by both the content of a conference and the serendipity it enables is unrivalled , no two-dimensional virtual environment can replicate the experience . In a medical and

science context alone , history is replete with example of doctors and professors who have found each other and shared knowledge and research , ultimately leading to expedited advancements in medical innovation .

Look at the good work done by One Young World , and don ’ t forget COP26 ( or any COP for that matter ). For hundreds of years , peace treaties and accords have been named after the places in which their signatory events have taken place . The output of these events is vital for wider society , and for the true power of knowledge to be unleashed , it requires Government attention . This is no call for support – no two people can agree what ‘ support ’ the events industry needs , or even wants – but rather a call for acknowledgement .

While having the Standardised Industrial Classification ( SIC ) codes reviewed to better cover the industry will give the Government a better idea of the sector value , we must not be shy in pointing towards legacy – and indeed Government policy – on how events can make the world a better place .

We can put a price on our direct spend value , but we can ’ t put a price on human value . CN