The Business of Events (TBOE), in partnership with ICC Belfast, has unveiled the highly anticipated Global Destination Report 2024 at IBTM World.
The report explores economic contributions, budget stability, government support, and the need for stronger industry advocacy across regions, while identifying the successes and challenges that continue to shape the sector.
Commissioned by The Business of Events, this year’s report has again been produced in collaboration with SFA Connect, ICC Belfast, and IBTM World, with a focus on insights from industry stakeholders in global destinations.
Building on previous reports, the Global Destination Report 2024 offers critical data and recommendations for industry leaders and policymakers to strengthen the business events sector, drive economic growth, and foster international collaboration.
Key findings
The report reveals notable growth in budget stability and economic impact for business events across developed regions. Destinations such as North America and Western Europe are enjoying economic benefits from large-scale business events, with over 50% of surveyed regions reporting event-driven contributions that exceed €100m annually. Respondents from developed areas, including Western Europe (9%), Central Europe (13%), and North America (13%), reported economic values from business events reaching over €5bn in 2024.
However, the findings indicate persistent disparities in economic benefit. While developed regions continue to thrive, smaller cities and less developed areas are not capturing the same level of economic gain from business events, highlighting the need for inclusive growth strategies. Additionally, while funding remains stable or grows for larger destinations, regions in Central and South America are reassessing funding models to align with changing market dynamics.
Martin Fullard, director of The Business of Events, commented on the report’s purpose and the importance of ongoing research: “The 2024 Global Destination Report serves as an essential tool for industry stakeholders to understand the real-time challenges and opportunities in the business events sector. Our findings reveal that while many regions benefit economically, the sector still faces an advocacy gap with policymakers. We’re proud to provide data that destinations can leverage to secure funding and make the case for the essential role business events play in economic and social development.”
Government advocacy and funding support
A core area of focus in the report is the ongoing call for stronger government advocacy. The majority of respondents indicated that government recognition of business events’ value remains insufficient. While Africa, the Middle East, and Central and South America reported some progress in government support, many other regions expressed frustration with a lack of engagement or meaningful policy support.
Claudia Hall, show director of IBTM World, said: “IBTM World is dedicated to supporting the business events industry and advancing dialogue on critical issues such as advocacy. By creating a forum for open discussions, we hope to empower industry professionals and help drive positive change. Reports like this one are vital, as they shine a light on areas where we can collectively work to influence decision-makers and secure a stronger future for business events.”
Budget stability and staffing challenges
The report points to a promising trend in budget stability, with most respondents reporting steady or increasing budgets in developed regions. Larger destinations and capital cities have benefited from budget growth, enabling better planning and sustainability within the sector. However, budget cuts were still reported in Central and Southern America, parts of Europe, and the Middle East, and the issue of undersized teams remains widespread across Africa, the Middle East, and Europe. This staffing concern could hinder the sector’s ability to meet demand and achieve long-term growth.
Ross Moffett, sales director of ICC Belfast, noted the importance of sustainable funding and staffing: “Our industry has a powerful impact on economies worldwide, but sustainable growth requires commitment and investment. We support the Global Destination Report as it highlights the very real financial and operational pressures many destinations face, particularly around skills shortages. This report shows the invaluable economic engine that exists when business events are given the right support. It reinforces the need for governments to provide the appropriate policy focus necessary to help our sector thrive.”
Future-oriented business models and over-tourism impact
The report also identifies changes in business models across regions. Areas like Asia and Central/Southern America are actively reviewing funding strategies to adapt to market needs, while regions such as Southern and Northern Europe report higher stability with minimal shifts in their approach. Interestingly, the findings indicate that over-tourism does not present a major barrier to business events, with 82% of respondents noting no adverse effect. However, Asia emerged as an exception, with 50% of respondents from the region noting over-tourism as a potential concern for event hosting.
Driving progress and collaboration in the business events sector
In its concluding recommendations, the Global Destination Report 2024 stresses the importance of alignment between the business events sector and government policy, including the need for increased advocacy and direct financial support. Suggestions include implementing tax incentives, promoting sustainability, and establishing stronger industry-academic partnerships to address talent shortages and drive sector growth.
The Global Destination Report 2024 is now available, providing essential insights for destinations, event organisers, and policymakers as they work to shape a future-oriented business events industry.