Value of Face-to-Face Meetings - Survey ResultsThis week a landmark study was released, The Economic Significance of Meetings to the U.S. Economy. This study was commissioned by Pwc and made possible through the help of 14 Convention Industry Council members. This blog is dedicated to the findings of the study, while Monday’s blog will bring together information from planners on their perceived value of face-to-face meetings.
  • It is estimated that 1.8 million meetings, trade shows, conventions, congresses, and incentive events take place in the United States each year. 
    • 72% are corporate or business meetings
    • 21% are conventions or conferences
    • 5% are incentive meetings
    • 2% are trade shows
    • 85% of these meetings are conducted at venues with lodging
    • They generate 250 million room nights per year
  • 205 million people attend these meetings; the average meeting size is 114
    • 117 million or 57% travel more than 50 miles or stay overnight
    • 83 million or 40% travel less than 50 miles or do not stay overnight
    • 5 million or 3% are international travelers
    • 79% of the 205 million are attendees
    • 12% are event meeting services staff, media, or other providers
    • 9% are exhibitors
  • These 1.8 million meetings, generate $263 billion in direct spending of which:
    • 57% is event meeting services planning and production related
    • 43% is travel and tourism related
    • Attendees, event meeting services staff, and exhibitors spend:
      • 46% of the $263 billion on registration fees
      • 17% on accommodations
      • 13% on food and beverage
      • 9% on air transportation
      • 3% on gasoline
  • The 1.8 million meetings, create directly 
    • 1.7 million Jobs, which
      • Generate $60 billion in labor income
      • $14.3 billion in federal tax revenue
      • $11.3 billion in state and local tax revenue
  • In addition, the 1.8 million meetings, create directly and indirectly
    • 6.3 million Jobs, which
      • Generate $271 billion in labor income
      • $64 billion in federal tax revenue
      • $46 billion in state and local tax revenue
"As the nation grapples with effective ways to work its way out of a recession, the meetings industry plays a critical role in supporting jobs in communities across America, creating environments that foster innovation, consensus, and business success, said Karen Kotowski, Executive Director, Convention Industry Council.

"The results of our comprehensive research demonstrate the significance of the meeting industry as a major contributor to the U.S. economy," said Robert Canton, Director of Convention & Tourism Practice, PwC US.

Meetings mean:

  • Jobs
  • Education
  • Revenue
  • Spending
  • Handshakes
  • Business

AV Event Solutions, a California event services company, is here to assist meeting planners and conference services organizers with your next corporate meeting or convention.  Call us today!