EIC Calls on Event Professionals for Economic Significance Survey; Releases Latest Business Events Barometer
May 5, 2022
In an effort to quantify the significant contribution made by the face-to-face business meetings and events sector to the global economy, the Events Industry Council (EIC) launched the data collection phase of its Economic Significance Study and revealed the results of its latest Global Business Events Barometer, showing positive signs for the industry’s recovery.
Conducted by Oxford Economics, the survey portion of the study is open through June 25 and applies to business meetings and events, including conventions, conferences, trade shows, exhibitions and incentives.
The ambitious Economic Significance Study comprises four insight streams to examine the global events industry’s economic impact and, for the first time, quantify the cumulative losses experienced in 2020 due to the COVID-19 pandemic. By analyzing this data and understanding it, the EIC can establish the full value of meetings and prospects for 2022 and beyond, including the tactics and strategies being employed by the industry to accelerate its recovery.
As the voice of the global events industry, EIC is committed to continuing to collect, curate and share accurate and relevant data on the condition of the industry, according to EIC CEO Amy Calvert.
“This survey is an essential component of our Economic Significance Study, and I urge event professionals to take a few moments of their time to complete it so that we can ensure our data is as comprehensive as possible,” she said. “We know that business events are a major contributor to the global economy, and by determining the full value of meetings in 2021 as well as prospects for 2022, we are able to actively provide a clear and credible statistical base on which to gain recognition for our industry as a vital economic driver.”
To take part in the survey, click here. (Respondents will receive 1 CE towards their CMP or CMP-HC application or recertification requirements. The credit will be posted within two weeks of completing the survey.)
As part of the Economic Significance Study, the EIC also unveiled its Global Business Events Barometer for the fourth quarter of 2021. The barometer, which monitors the changes within the market relative to pre-pandemic (2019) levels, points to continued positive growth across each of the seven global regions it tracks, with Q4 2021 gains in both RFP activity (up 14% from 2021 Q3) and hotel group room nights (up 15% from 2021 Q3). To download a copy of the Q4 2021 barometer, click here.
The Economic Significance Study has been generously supported and sponsored by leading industry organizations, including AHLA, ASAE, Freeman, IACC, IAEE, Los Angeles Tourism & Convention Board, Maritz Global Events, Meetings Mean Business, MGM Resorts International, MPI, Northstar Meetings Group, NYC & Co., PCMA, RCMA, SISO and US Travel Association.
Don’t miss any event-related news: Sign up for our weekly e-newsletter HERE and engage with us on Twitter, Facebook and LinkedIn!
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
Add new comment