Meetings Mean Business recently conducted a new study on the impact of the meeting/event business to the U.S. economy. With PwC US, assisted by a team of industry researchers, the study spanned more than a year in research and analysis and is the first-ever study of the size and scope of its kind. An alliance of 14 organizations, collectively representing the entire U.S. meetings industry, came together to fund the historic study quantifying the economic significance of the meetings sector.
According to the study a “meeting” was defined as follows:
- Meeting length: minimum of 4 hours (i.e. half a day)
- Meeting size: minimum of 10 participants
- Meeting venue: contracted venue (in-house meeting venues are excluded)
Some highlights that will have you jumping up and down with joy for your event business are:
- There were 1,266,200 meetings with 107,187,000 participants
- $26 BILLION was spent on Food and Beverage
Meetings Volume Estimates
Based on the study’s findings, in 2009 nearly 1.8 million meetings took place in the US, with these meetings attended by an estimated 205 million participants. As illustrated below, the majority of these meeting participants (52 percent) attended corporate/business meetings, followed by 25 percent attending conventions/conferences/congresses.
Number of Meetings and Participants by Meeting Type
Direct Spending by Commodity
So, what does this study meant you and your event business?
It shows that the business meeting market is HUGE and that Tripleseat can help you capture the meeting business. With Smartleads for your website and Facebook, and email tools like ConstantContact, you’re well positioned to take advantage of this booming trend.