1、IN COLLABORATION WITHPRODUCED BYEconomic Impact of Exhibitions in the United KingdomOctober 20232Executive SummaryExhibitions Volume and Direct SpendingEconomic Impact of ExhibitionsMethods1 12 23 34 4TABLE OF CONTENTSOctober 2023Executive Summary14OverviewTo quantify the economic significance of th

2、e global exhibition industry,Oxford Economics has prepared a comprehensive model of global exhibitions activity that references recent studies on their economic significance.The results were part of the study,“Global Economic Impact of Exhibitions”,which was released in April 2019 and showed the sco

3、pe of the global exhibition sector in terms of direct spending and jobs,as well as the total impacts of exhibitions in the broader economy.As part of this analysis,Oxford Economics took the following steps:Analysed existing data on exhibitions maintained by UFI,including net square metres sold,visit

4、ors,and exhibitors;Analysed historic data on the exhibition industry maintained by UFI and referenced published studies on exhibition impacts in 13 countries,as well as third-party industry data across more than 180 countries;Developed an econometric model of the relationship between economic and tr

5、avel-industry data sets and exhibition industry impacts to estimate exhibition activity in countries in which the exhibition industry has not been previously quantified;andCombined the results of existing studies and modeled relationships to prepare global estimates.Previous country-level analyses o

6、f exhibitions activity accounted for more than three-quarters of the estimated global total,providing a solid research foundation.Executive Summary Based on the country-level modeling in the global economic impact analysis released in April 2019,Oxford Economics is compiling country profile reports

7、on the impacts of the exhibition industry.This document presents key elements of the research and findings for the exhibition industry in the United Kingdom,which represents the first country profile released after the initial release of the global impact analysis.The report is organised in three se

8、ctions:1.Exhibition industry metrics and direct spending 2.Economic impact analysis3.MethodsOctober 20235What qualifies as an exhibition?UFI follows the ISO 25639-1:2008(E/F)definitions which are also adopted here.For the purposes of this study,an exhibition,show,or fair is an event in which product

9、s,services,or information are displayed and disseminated.Exhibitions differ from conferences,conventions or seminars,or other business and consumer events.Exhibitions exclude flea markets and street markets.Exhibitions include:Trade exhibitions:exhibitions that promote trade and commerce and are att

10、ended primarily by trade visitors.A trade exhibition can be opened to the public at specific times.Public exhibitions:exhibitions open primarily to general public visitors.A public exhibition is sometimes also known as a consumer show.Executive Summary What are the main components of economic impact

11、?Direct impacts consist of the direct spending and jobs that are directly involved in planning and producing exhibitions,and for participants and exhibitors to travel to exhibitions,as well as other exhibition-related spending.Indirect impacts represent downstream supplier industry impacts,also refe

12、rred to as supply chain impacts.For example,the facilities at which exhibitions occur require inputs such as energy and food ingredients.Also,many exhibition venues contract with specialised service providers,such as marketing,equipment upkeep,cleaning,technology support,accounting,and legal and fin

13、ancial services.These are examples of indirect impacts.Induced impacts occur as employees spend their wages and salaries in the broader economy.For example,as hotel employees spend money on rent,transportation,food and beverage,and entertainment.Impacts are expressed in terms of economic output,whic

14、h includes all business sales(including all direct and indirect economic activity associated with exhibitions),GDP(gross domestic product),which is defined as business sales less intermediate inputs,and jobs.October 20236Direct impacts of exhibitions in the UK(2022)Number of exhibitions,visitors&exh

15、ibitors:Based on data provided by SASiE,969 exhibitions in the UK directly involved approximately 6.1 million visitors and 122,500 exhibitors.Direct spending:Exhibitions generated 4.1(4.8)billion of direct spending by visitors,exhibitors and additional exhibitions-related expenditures.Direct GDP(gro

16、ss domestic product)and employment:Exhibitions supported more than 47,000 direct jobs in the UK and generated 2.2(2.6)billion of direct GDP.Based on approximately 122,500 exhibitors and 4.1(4.8)billion of direct spending,exhibitions generated approximately 34,000(40,000)in direct spending per exhibi

17、tor in the UK.Executive Summary Total impacts of exhibitions in the UK(2022)After accounting for indirect and induced impacts,exhibitions in the UK supported a total economic impact in 2022 of:9.4(11.0)billion of output99,000 jobs 4.6(5.4)billion of GDP(representing contribution to UK gross domestic

18、 product)Based on a total economic impact of 9.4(11.0)billion and a total of 0.6 million sqm of capacity in the UK(as reported in UFIs World Map of Venues),total output per sqm of capacity amounted to approximately 16,000(18,000)in 2022.October 20237Executive Summary 6.1 million visitors(gross domes

19、tic product)2.2(2.6)billion in direct GDP4.1(4.8)billion in direct spending representing spending to plan and produce exhibitions,exhibitions-related travel,and other direct spending,such as spending by visitors and exhibitors47,000 jobsdirectly supported by the UK exhibition industryDirect Impactsi

20、ncluding direct,indirect,and induced GDP impacts4.6(5.4)billion in total GDP9.4(11.0)billion in total output including direct,indirect,and induced output99,000 total jobsdirectly and indirectly supported by UK exhibitionsTotal ImpactsIndirect&Indirect&Induced ImpactsInduced Impacts77,000(90,000)of t

21、otal impactper exhibiting company16,000(18,000)total impact per sqmof venue gross indoor exhibition spaceOctober 20238Executive Summary October 2023Source:Oxford Economics(2023)Economic impacts of UK exhibitions,2022(Amounts in billions of pounds and euros,except jobs)Economic impacts of UK exhibiti

22、ons,2018(Amounts in billions of pounds and euros,except jobs)2018(Pounds&jobs)2018(Euros&jobs)Direct exhibitions sector impactDirect exhibitions sector impactOutput(exhibitions direct spending)5.0 5.6Employment55,31655,316GDP2.6 2.9Total exhibitions sector impactTotal exhibitions sector impactOutput

23、11.0 12.5Employment113,539113,539GDP5.4 6.12022(Pounds&jobs)2022(Euros&jobs)Direct exhibitions sector impactDirect exhibitions sector impactOutput(exhibitions direct spending)4.1 4.8Employment47,12447,124GDP2.2 2.6Total exhibitions sector impactTotal exhibitions sector impactOutput9.4 11.0Employment

24、99,11699,116GDP4.6 5.4Source:Oxford Economics(2023)Exhibitions volume and direct spending210This section summarises the size and scope of exhibitions sector activity in the UK.The primary measures presented are:Amount of exhibitions direct spendingSpace sold(net square metres)Number of visitors and

25、exhibitorsNumber of exhibitions direct jobsExhibition data on space sold,visitors and exhibitors was provided by AEO,AEV,and ESSA(SASiE 2022 UK).Data on estimated exhibitions direct spending is based on econometric modeling by Oxford Economics.Exhibitions direct spending represents spending directly

26、 incurred in the planning and production of exhibitions,travel to exhibitions,and accompanying exhibitions-related activities.As a basic description this includes spending by participants to attend the exhibition(e.g.travel and registration),organiser-paid travel,spending by exhibitors(e.g.sponsorsh

27、ips,exhibit production,off-site events),spending by exhibition organisers and hosts,and certain other exhibitions-related spending.Exhibitions direct spending provides the clearest measure of the economic significance of exhibitions because it captures the full scope of services and goods directly p

28、rovided by a range of industries.For this reason,much of our summary analysis focuses on exhibitions direct spending and the number of exhibitions participants.Overview of exhibitions volume and direct spendingDefinition of an exhibitionUFI follows the ISO 25639-1:2008(E/F)definitions which are also

29、 adopted here.For the purposes of this study,an exhibition,show,or fair is an event in which products,services,or information are displayed and disseminated.Exhibitions differ from conference,conventions or seminars,or other business and consumer events.Exhibitions exclude flea markets and street ma

30、rkets.Exhibitions include:Trade exhibitions:exhibitions that promote trade and commerce and are attended primarily by trade visitors.A trade exhibition can be opened to the public at specific times.Public exhibitions:exhibitions open primarily to general public visitors.A public exhibition is someti

31、mes also known as a consumer show.October 202311In 2022,969 exhibitions included 3.9 million net square metres in the UK.Exhibitions generated approximately 4.1(4.8)billion of direct spending,by visitors,exhibitors and additional exhibitions-related expenditure.Exhibitions welcomed more than 6.1 mil

32、lion visitors and 123,000 exhibitors to the UK in 2022.Exhibitions Summary DataSummary of UK exhibitions activity,2022Source:SASiE(2022)&Oxford Economics(2023)Exhibitions generated 4.1 billion of direct spending and sold 3.9 million net square metres in 2022.Direct spending(billions)Pounds4.1Euros 4

33、.8Space sold Net square meters(millions)3.90CapacityNet square meters(millions)0.604 Events969 Visitors(000s)6,105 Exhibitors(000s)123 October 202312Exhibitions generated 4.1(4.8)billion of direct spending in 2022.Based on a total of 122,500 exhibitors in the UK in 2022,direct spending per exhibitor

34、 amounted to 33,822(39,572).Based on a total of 0.60 million square metres of venue capacity measured in terms of gross indoor exhibition space(as reported in UFIs World Map of Venues),direct spending per square metre of venue capacity amounted to 6,860(8,026).Exhibitions Summary DataDirect spending

35、 metrics,2022Source:SASiE(2022)&Oxford Economics(2023)Exhibitions generated approximately 34,000(40,000)in direct spending per exhibitor in the UK in 2022.Direct spending per square metre of capacity2022Pounds 6,860Euros 8,026Direct spending per exhibitor2022Pounds33,822Euros 39,572October 2023Econo

36、mic Impact of Exhibitions314Economic Impact ApproachThere are three main components of a sectors overall economic impact:Direct impacts consist of the direct spending and jobs that are involved in planning and producing exhibitions,and for participants to travel to exhibitions,as well as other exhib

37、itions-related spending.Given the characteristics of the exhibitions sector,much of this direct activity occurs across a variety of sectors.For example,the production of an exhibition frequently involves employees onsite at a hotel or other venue,including banquet staff as well as audio-visual/stagi

38、ng and technical staff,and other third-party contracted service providers,such as entertainment/production services,dcor,speakers and trainers,advertising and promotion.These employees all represent direct jobs supported by the exhibitions sector.Meanwhile,participants travel to the exhibition,and a

39、ccommodation during the event,supports direct spending and jobs across a range of service providers in the travel sector.Though this spending is occurring across businesses in a range of industry sectors,it all represents activity that is supported by exhibitions direct spending,and is part of the e

40、xhibition sectors direct impacts.Components of economic impact analysisIndirect impacts represent downstream supplier industry impacts,also referred to as supply chain impacts.For example,the facilities at which exhibitions occur require inputs such as energy and food ingredients.Also,many exhibitio

41、n venues contract with specialized service providers,such as marketing,equipment upkeep,cleaning,technology support,accounting,and legal and financial services.These are examples of indirect impacts.Induced impacts occur as employees spend their wages and salaries in the broader economy.For example,

42、as hotel employees spend money on rent,transportation,food and beverage,and entertainment.Indirect and induced impacts may also be referred to collectively as indirect effects.To conduct the impact analysis,we used country-level economic impact multipliers from the existing exhibitions impact studie

43、s.For countries where exhibitions impact multipliers were either unavailable or appeared inconsistent with reference data,we used travel and tourism multipliers maintained by WTTC(World Travel and Tourism Council)and Oxford Economics.WTTC multipliers are based on input-output tables for each country

44、 and were sourced from either the OECD(Organisation for Economic Co-operation and Development),or when not available,national statistical offices.From the input-output tables,multiplier matrices were developed for each economy,detailing the flow of spending in an economy that occurs as a consequence

45、 ofspending in a given industry.October 202315Overall,the total economic impact of the exhibition industry in the UK in 2022 is summarised as follows:9.4(11.0)billion of economic output 4.6(5.4)billion in total GDP contribution;andMore than 99,000 total jobs.These totals represent the combination of

46、 direct impacts within the exhibitions sector(e.g.4.1(4.8)billion of exhibitions direct spending,and 47,000 direct jobs),plus the estimated indirect and induced effects.The resulting output multiplier for the exhibitions sector in the UK is 2.27,implying that each 1.00(1.00)in direct exhibition spen

47、ding generates an additional 1.27(1.27)in indirect and induced expenditures in the UK economy.Economic Impacts Source:Oxford Economics(2023)The UK exhibitions sector supported 9.4(11.0)billion of total output in 2022.Economic impacts of UK exhibitions,2022(Amounts in billions of pounds and euros,exc

48、ept jobs)2022(Pounds&jobs)2022(Euros&jobs)Direct exhibitions sector impactDirect exhibitions sector impactOutput(exhibitions direct spending)4.1 4.8Employment47,124 47,124 GDP2.2 2.6Total exhibitions sector impactTotal exhibitions sector impactOutput9.4 11.0Employment99,116 99,116 GDP4.6 5.4October

49、202316Exhibitions generated 9.4(11.0)billion of total output in 2022.Based on a total of 122,500 exhibitors in the UK in 2022,total output per exhibitor amounted to 76,628(89,654).Based on a total of 0.60 million square metres of venue capacity measured in terms of gross indoor exhibition space(as r

50、eported in UFIs World Map of Venues),total output per square metre of venue capacity amounted to 15,541(18,183).Exhibitions generated approximately 77,000(90,000)in total output per exhibitor in 2022.Exhibitions total output metrics,2022Source:SASiE(2022)&Oxford Economics(2023)Economic ImpactsTotal

51、output per exhibitorTotal output per square meter of capacity2022Pounds15,541Euros 18,183Total output per exhibitor2022Pounds76,628Euros 89,654October 2023Methods418Research ApproachOur approach to the exhibitions sector research included the following steps:Analysed existing data on exhibitions mai

52、ntained by UFI,including net square metres sold,visitors,and exhibitors;Analysed existing studies on exhibitions impacts in 13 countries,as well as third-party industry data;Developed an econometric model of the relationship between economic and travel-industry data sets and exhibitions industry imp

53、acts to estimate exhibitions activity in countries in which the exhibitions industry has not been previously quantified;andCombined the results of existing studies and modeled relationships to prepare global estimates.Overall,we found that approximately three-quarters of global exhibitions direct sp

54、ending was already covered by the country-level studies we analysed.As a result,while we applied the econometric model to prepare estimates for countries that have not yet been studied at the country level,findings for many of the largest and most important countries were based on the results of exi

55、sting studies.This provided a solid research foundation.In this global analysis,we have relied broadly on the headline measures of exhibitions activity and participants as reported by each study.In situations in which we saw clear differences such as definition differences or outliers in specific re

56、sults,we excluded specific country-level report metrics from the estimation process.Our discussion of research methods in this section follows the same order.First,we outline the research process,then we highlight the statistical modeling,and finally,the conceptual framework.Figures in this report a

57、re based on unrounded estimates.Due to rounding,the totals in certain tables may differ slightly from the sum of the individual rows or columns.Model outputs were analysed in US dollars and converted to Pounds Sterling using the period exchange rate for calendar year 2022,which was 1.24 US Dollars f

58、or each Pound Sterling.Pounds Sterling were converted to Euros using the period exchange rate for calendar year 2022,which was 1.17 Euros for each Pound Sterling.We integrated the results of existing studies and exhibitions data maintained by UFI to model global exhibitions volume and direct spendin

59、g.Three-quarters of global exhibitions direct spending was covered by country-level studies.October 202319Existing Impact Studies and Third-party DataWe compiled existing studies on the impacts of exhibitions in global markets.A comprehensive list of the 13 studies included in the analysis is outlin

60、ed in the table below.The research team collected the following metrics for each country:Direct spending Direct value-added(GDP)Direct jobsTotal participantsIn addition to existing impact studies,the research process also encompassed third-party industry data from the following sources:UFIGlobal Bus

61、iness Travel AssociationCountryStudy year Report titleSourcesAustralia2015The Value of Business Events to AustraliaErnst&Young,Business Events Council of AustraliaCanada2014The Economic Contribution of Business Events in CanadaMPI Foundation Canada,Maritz Research,The Conference Board of CanadaDenma

62、rk2012Economic Contribution of Meeting Activity in DenmarkVisit DenmarkFrance2011tude sur les retombes conomiques delactivit des salons en France et en le-de-FranceAtout France,CCI de Paris IDF,Comit des Expositions de Paris,DGE(Ministre de lEconomie),France Congrs et Evnements,UNIMEV-OJS,ViparisGer

63、many2018Overall Economic Relevance of Exhibitions in GermanyAssociation of the German Trade Fair Industry(AUMA)Guatemala2017Medicion de la relevancia economica de la industria de turismo de reuniones en GuatemalaSTA Consultores,Gobierno de la Republica de Guatemala,INGUAT(Instituto Guatemalteco de T

64、urismo)India2017Indian Exhibition Industry ReportIndian Exhibition Industry AssociationMexico2016The Economic Relevance of Meetings in MexicoSECTUR(Secretaria de Turismo),Consejo do Promocion Turistica de Mexico,STA ConsultoresPeru2014Peru,Destination for Meetings TourismPROMPERUPoland2015The Econom

65、ic Impact of Polands Meetings IndustryPoland Convention Bureau,Polka Organizacja Turystyczna,MPI Foundation,MPI Poland ChapterUnited Kingdom2012The Economic Impact of the UK Exhibitions IndustryFaceTime&Oxford EconomicsUnited Kingdom2013The Economic Impact of the UK Meeting&Event IndustryMPI Foundat

66、ionUnited States2018Economic Significance of Meetings to the US EconomyOxford Economics,Events Industry CouncilExisting economic impact studiesOctober 202320Econometric ModelData descriptionSourcesBusiness arrivalsUNWTO(World Tourism Organization),various national statistical agenciesInternational b

67、usiness inbound travel spendingIMF Balance of PaymentsDomestic business travel spendingOxford Economics/WTTC(World Travel and Tourism Council)GDP(gross domestic product)Haver Analytics,various national statistical agenciesTotal populationHaver Analytics,United Nations,various national statistical ag

68、enciesPer capita GDPHaver Analytics,United Nations,various national statistical agenciesServices industry gross outputVarious national statistical agencies,central banks,and ministries of financeWhole economy gross outputVarious national statistical agencies,central banks,and ministries of financeDa

69、ta inputs for econometric modelThe research team developed an econometric model of the relationship between economic and travel-industry data sets and exhibitions impacts to estimate exhibitions activity in countries in which the exhibitions industry has not been previously quantified.In addition to

70、 the data provided by UFI and collected from existing exhibitions impact studies,the table below summarises the data we compiled to include in the modeling process.The econometric model tested the relationship between economic and travel-industry data sets and exhibitions industry impactsOctober 202

71、321Econometric ModelThe resulting model reflects the relationship between travel-industry measures,such as estimated domestic and international business travel spending at the country level(based on Oxford Economics analysis for the World Travel and Tourism Council),and exhibitions direct spending.B

72、ecause studies of exhibitions activity in more developed countries tend to show higher levels of activity relative to business travel spending,GDP per capita was also used in the model.The resulting estimates show that exhibitions spending tends to be correlated with broad economic activity.For exam

73、ple,the correlation between exhibitions spending and economic activity as measured by GDP is shown in the accompanying chart.$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$0$5,000$10,000$15,000$20,000Exhibitions direct spending($millions)GDP($billions)Exhibitions direct spending and GDP by coun

74、tryThe resulting model reflects the positive relationship between travel-industry measures and exhibitions direct spending.Source:Oxford Economics(2023)October 202322Economic Impact MetricsAfter estimating direct exhibitions spending based on existing impact studies and the econometric model,the res

75、earch team estimated additional economic impact metrics utilising the sources listed in the table below.For example,we used economic data on gross output and value added for both the whole economy and the travel industry to estimate direct GDP impacts for each country.In addition,we used multipliers

76、 from existing impact studies and travel and tourism multipliers maintained by Oxford Economics and WTTC to estimate the total economic impact of exhibitions for each country.Secondary data sources were a critical part of the research.Economic impact metricEstimation method and sourceEconomic impact

77、 metricsDirect spending(direct output)Existing impact studiesEstimates from econometric modelNet space sold(square meters)Existing UFI data,SASiE 2018 dataTotal visitorsExisting UFI data,SASiE 2018 dataTotal exhibitorsExisting UFI data,SASiE 2018 dataDirect GDP(gross domestic product)impactEstimates

78、 of direct spending(direct output)Economic data on whole economy&services industry gross output from national statistical agenciesEconomic data on whole economy&services industry value-added from national statistical agenciesDirect jobsExisting impact studiesEstimates from econometric modelEconomic

79、data on whole economy gross output from various national statistical agenciesTravel&tourism data&multipliers from Oxford Economics&WTTC(World Travel and Tourism Council)Total economic impact,GDP,and jobsExisting impact studiesTravel&tourism data&multipliers from Oxford Economics&WTTC(World Travel an

80、d Tourism Council)October 202323AboutUFI is the leading global association of the worlds tradeshow organisers and exhibition centre operators,as well as the major national and international exhibition associations,and selected partners of the exhibition industry.UFIs main goal is to represent,promot

81、e and support the business interests of its members and the exhibition industry.UFI directly represents around 50,000 exhibition industry employees globally,and also works closely with its 52 national and regional associations members.Oxford EconomicsUFIOxford Economics was founded in 1981 as a comm

82、ercial venture with Oxford Universitys business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad.Since then,we have become one of the worlds foremost independent global advisory firms,providing reports,forecasts and analytical tools on

83、 200 countries,100 industrial sectors and over 3,000 cities.Headquartered in Oxford,England,with regional centres in London,New York,and Singapore,Oxford Economics has offices across the globe.We employ over 200 full-time people,including more than 130 professional economists,industry experts and bu

84、siness editorsone of the largest teams of macroeconomists and thought leadership specialists.AEO,AEV,ESSAAssociation of Event Organisers Ltd(AEO)is the trade body representing companies which conceive,create,develop or manage trade and consumer events.Association of Event Venues(AEV)is a committed t

85、rade body representing venues of all size and type both in the UK and internationally.Event Supplier and Services Association Ltd(ESSA)is a trade association representing the very best suppliers of goods and services to the events industry.24AEO LtdT:+44(0)1442 285810 E:infoaeo.org.uk W:www.aeo.org.ukAEV LtdT:+44(0)1442 285811 E:infoaev.org.uk W:www.aev.org.ukESSA LtdT:+44(0)1442 285812E:infoessa.org.uk W:www.essa.org.uk