According to two new reports by the Center for Exhibition Industry Research, attendees and exhibitors are each spending billions every year—which speaks to their economic power.
We already know that meetings have a major economic impact. As it turns out, one of the biggest spots for spending is the tradeshow floor.
New numbers from a set of reports from the the Center for Exhibition Industry Research (CEIR) show that attendees and exhibitors spend tens of billions each year at events. According to CEIR’s “Attendee Direct Spending Estimate,” event-goers spend $44.8 billion each year; its “Exhibitor Direct Spending Estimate” shows that this group spends $24.5 billion at events yearly.
“These direct spend estimates clearly communicate the power of business-to-business exhibition industry in making a substantial contribution to the U.S. economy,” CEIR CEO Brian Casey, CEM, said in a statement. “Direct spending fuels business for exhibition organizers and suppliers as well as the travel and tourism industries. All this commerce helps local, regional, and U.S. economies, which translates into job retention and job creation.”
The studies work as an interim follow-up a Convention Industry Council study, released about a month ago. Its “The Economic Significance of Meetings to the U.S. Economy” report stated that meetings drove more than $115 billion in contributions to gross domestic product during the 2012 calendar year, which led to a significant increase in jobs in the industry within the past year.