Meeting organizers/hosts, venues, DMOs, and other contributors/sponsors spent about $88 billion producing U.S. meetings of all types, 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 money was spent producing meetings are:
1.Food and beverage: $34.7 billion
2.Audio-visual/Staging Services: $12.5 billion
3.Meeting Venue Rental: $10.2 billion
4.Meeting Organization Fees: $9.7 billion
5.Administration: $$6.2 billion
6.Entertainment/Production Services: $6.1 billion
7.Organization Staff: $4.2 billion
8.Speakers/Trainers & Other Sponsored Attendees: $3.9 billion
9.Meeting Labor: $3.6 billion
10.Group Transportation: $3.4 billion
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, U.S. Commerce Department’s Bureau of Economic Analysis, and private research from companies like PwC.