Managing director at Corporate and Sporting Events, Simon Hainsworth has shared his thoughts on the beneficial impact events have on local and national economies.
When athletes or business people come together for a sporting or corporate event, they’re not just creating opportunities for people inside the stadium or conference hall to win. They’re supporting an entire infrastructure of industries, creating opportunities for new jobs and bringing money into the local area.
The events industry is at the centre of a network of sectors which benefit from successful sports and corporate occasions – and in turn provide a much-needed economic boost locally and nationally.
The big names
The UK’s business events industry is worth an estimated £61.65 billion, while sports events contribute around £39 billion annually. Behind every major event is a network of industries that benefit—from construction firms building venues, to hospitality providers, sponsors, logistics and transport services.
The ripple effect is vast, as seen with events like Wimbledon, which brings an estimated £200 million to London’s economy each year and the Birmingham 2022 Commonwealth Games, which generated nearly £1.2 billion. In 2023 alone, 16 major sporting events in the UK delivered a combined £373 million return—a 6:1 return on investment.
Globally, the impact is just as significant. Business events such as Gary Vaynerchuk’s Veecon in Minneapolis brought in $21 million in economic benefit, drawing thousands of visitors, including nearly 2,000 international attendees. Singapore, another major player, hosts global gatherings like the Global Business Summit, drawing 45,000 delegates and 2,000 speakers. Its events sector, valued at $33.6 million in 2022, is projected to nearly triple by 2032, underlining the growing economic importance of the global events industry.
Small but mighty
While global events often grab headlines, it’s the millions of smaller gatherings happening every day that quietly power local economies. A two-day conference with just 200 delegates can fill nearby hotels, drive business to local bars and restaurants and boost demand for transport, catering, printing, marketing, logistics and branded merchandise.
Research shows that in the US, every dollar spent on face-to-face events generates an additional $1.60 in economic benefit—a trend mirrored around the world.
When the economic impact of these smaller events is added to that of large-scale conferences and sports fixtures, the scale of the events industry’s contribution becomes undeniable. These aren’t just moments for networking or entertainment—they’re essential economic drivers. As the UK navigates economic challenges, now is the time for the events sector to speak up about its value and push for stronger government support to help sustain and grow this vital industry.
