$263 billion was spent on U.S. business meetings, conventions, trade shows, incentive trips, and other types of meetings in the United States, according to The Economic Significance of Meetings to the U.S. Economy, a Convention Industry Council study released on Feb. 17.
The top 10 ways that money was spent:
- Meeting Planning and Production: $109 billion
- Accommodations: $34.9 billion
- Food and beverage: $26.4 billion
- Air transportation: $17.8 billion
- Venue rental: $10.6 billion
- Retail: $7.2 billion
- Gasoline: $6.6 billion
- Recreation and entertainment: $6.2 billion
- Car rental: $5.5 billion
- Travel services/other tourism commodities: $3.4 billion
For details of the CIC study, click
here.
For the purposes of this study, PwC used the United Nations World Tourism Organization’s definition of a meeting—lasting a minimum of four hours, at least 10 participants, and held in a contracted venue within the United States.
The survey was based on primary and secondary research. The primary research was based on surveys sent to 33,000 meeting organizers, venue managers, destination marketing organizations (DMOs), and exhibitors. 3,510 were returned for a response rate of about 11 percent. The delegate information was based on 2,250 surveys distributed to members of existing survey panels. The secondary research drew on existing research from the industry, such as the USTA’s Travel Economic Impact Model (TEIM), U.S. Commerce Department’s Bureau of Economic Analysis, and private research from companies like PwC.