The Business of Events (TBOE), the independent advocacy group for the events sector, has launched the next edition of its Global Destination Report.
Commenting on the report, Martin Fullard, associate director, The Business of Events, told Conference News: “This year’s Global Destination Report focused on advocacy, legacy, and future building for destinations, with the aim of providing data for destinations to use as a tool for leverage with policy makers to gain support and help shape future decision making as well as gaining better recognition from and within government.”
Key findings
1. Geographic distribution and funding sources
Despite concerted efforts to achieve global representation, the survey revealed a predominant European presence, with 73% of respondents based in Europe. This suggests challenges in diversifying participation despite the international distribution and promotion through social media and networks.
2. Funding dynamics and departmental affiliations
The majority of survey participants identified as Part Government/Membership (33%) or fully Government funded (32%), with a notable percentage reporting to the Department of Tourism. This underscores the vital role government entities play in financing destination activities.
3. Team size and fulfillment challenges
Both survey and interview respondents expressed a shared concern – their teams were perceived as too small to effectively fulfill the multifaceted objectives and needs of their destinations. This common sentiment emphasises a critical area requiring attention and potential restructuring.
4. Core funding stability and economic impact
Analysis of the survey data revealed that 77% of respondents reported either stable or increased core funding since 2022. This positive trend marked a shift from the previous year, with a notable decrease in those reporting funding reductions. Additionally, 75% reported a positive change in the direct economic value of business meetings, underlining the economic importance of such events.
5. Volume and bid/subvention fund stability
The volume of business events in 2023 witnessed a significant overall increase, with international events leading the surge. Despite this, a majority of respondents reported no changes in their bid or subvention funds since 2019, suggesting a possible mismatch between event growth and financial support.
6. Legacy and impact
Building on the emphasis on legacy from 2022, the report indicates a prevailing recognition of its importance. However, assessing the evidence of impact poses challenges, with respondents expressing uncertainty, particularly on the global and national levels. This ambiguity may stem from difficulties in measurement or the early stage of impact manifestation.
7. Advocacy, funding, and change
General comments from survey participants underscored a collective need for increased advocacy and government understanding of the value of business events. Calls for better funding, changes in business models, and heightened awareness of the significance of legacy and event impact on the economy and local communities resonated strongly.
The report also revealed four main focus areas:
Business model: A majority (77%) felt their current business model was fit for purpose, yet almost two-thirds (61%), predominantly European destinations, believed they lacked sufficient human resources.
Funding: Nearly half (46%) experienced budget increases, attributing this to governmental recognition and support. Conversely, those with stagnant or reduced funding (54%) perceived a lack of governmental understanding.
Legacy: Although universally acknowledged as important, half of the respondents felt their government did not fully appreciate its value. Furthermore, a significant portion lacked the resources to measure, monitor, or nurture business event legacy.
Threats: Common threats identified included climate and sustainability, economic factors, political unrest, and geographical accessibility. Notably, some perceived threats were viewed as advantages for certain destinations, emphasising the nuanced nature of industry challenges.
Claudia Hall, event director, IBTM, added: The business events industry is a critical driver for global economies. Despite this, there is ground to make-up when it comes to the need for advocacy and a greater understanding from government of the value and intrinsic benefits of business events.
“There’s a significant need for better funding and for a change in business models so that destinations have the capacity to deliver the benefits business events can bring when it comes to leaving a positive legacy in the economy and local communities.
“In order to drive this forward, it is essential that destinations collaborate to share, discuss and debate insights and initiatives so that together, we can raise the profile of business events and the significant economic and social impact and change they can drive.”
