The meetings industry delivers £58.4 billion, or approximately $88 billion, to gross domestic product (GDP) in the United Kingdom, according to a new study commissioned by the Meeting Professionals International (MPI) Foundation, which notes that the industry’s contribution is three times that of agriculture.
Released today in conjunction with the final day of The Meetings Show U.K., the “U.K. Economic Impact Study” (UKEIS) was conducted for the MPI Foundation by the International Centre for Research in Events, Tourism and Hospitality (ICRETH) at Leeds Metropolitan University. Among its other key findings:
• The meetings industry is the United Kingdom’s 16th largest employer, directly employing more than 515,000 people — double that of the telecommunications industry.
• Including direct and indirect employment, the U.K. meetings industry generates the equivalent of more than 1 million full-time jobs.
• Meetings make an annual direct gross value added (GVA) — a common economic indicator in the United Kingdom, equal to the value of goods and services produced, less the cost of creating them — contribution of £20.6 billion, or approximately $30 billion, to the U.K. economy, which is more than legal services, accounting or broadcasting.
• The meetings industry contributes £21.1 billion, or approximately $32 billion, in annual taxes to the U.K. economy.
• When combined, the space occupied by the 10,000 meeting venues in the United Kingdom is the equivalent of 6,000 football fields and is capable of seating 13.5 percent of the country’s population at any one time.
“The research was undertaken to firmly establish the size and impact of meetings in the U.K., with a particular focus on GVA, GDP, employment and taxes. It is considered by many to be the most important research ever undertaken by the meeting industry, as it will allow the sector to shape policy and lobby at the highest levels moving forward,” ICRETH Project Director Dr. ShiNa Li said in a statement. “The results signify a call to action for the industry and present the opportunity to consider the question, ‘What now?’ We have created this incredibly powerful data that clearly defines the meeting industry’s credibility, but it needs to be used effectively as a tool for the benefit of all.”
In addition to economic impact, UKEIS determined that more than 1.3 million meetings were held in the United Kingdom in 2011 at more than 10,000 venues; that attendees spent just under £40 billion, or $60 billion, attending U.K. meetings; and that U.K. meeting planners organize an average of 147 events per year.
“The UKEIS results are extremely positive and clearly demonstrate that the meeting industry delivers significant value to the U.K. economy,” said MPI President and CEO Paul Van Deventer. “At [MPI] we believe this research provides an invaluable tool for professionals in our industry to use to enhance the perception of the meeting industry in the U.K. — similar to how comparable studies have been utilized in the U.S. and other countries. The success of this research provides a benchmark and example for other meeting professionals around the world to discover the value of the industry in their own country.”
For complete UKEIS results, download the full research report at www.mpiweb.org/UKEIS.