FESTIVALS REPRESENT £6BN OF UK’S £70BN EVENTS INDUSTRY - Rugby and Daventry Radio Station, Midlands UK            

FESTIVALS REPRESENT £6BN OF UK’S £70BN EVENTS INDUSTRY

Written by on May 20, 2020

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Article Published on Wednesday May 20, 2020 1:10 PM by


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FESTIVALS REPRESENT £6BN OF UK’S £70BN EVENTS INDUSTRY


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Music Festivals make a significant contribution to the UK economy

MARTIN FULLARDMAY 19, 2020EDUCATIONLATEST NEWSLIVE EVENT

The Business Visits & Events Partnership (BVEP) has launched its latest report, The UK Events Report, which provides an in-depth examination into the £70bn industry, providing jobs for 700,000 people and how it will deliver the government’s Industrial Strategy, which was launched last year.

The UK Events Report, which was compiled prior to the Covid-19 outbreak, illustrates the impact the UK events industry has on the economy. In 2019 business events generated more than £31bn of direct spend, with leisure events contributing a further £39bn. Evidence in the report suggests that there is an opportunity to use both markets to showcase the UK’s abilities and resources and bring communities together.

Sub-sectorDirect spend
Conferences and meetings£18.3bn
Exhibitions and trade fairs£11bn
Incentive travel£1.2bn
Corporate outdoor events£0.7bn
Arts and cultural events£5.6bn
Festivals, fairs and shows£6bn
Music events£17.6bn
Sporting events£9.6bn
TOTAL DIRECT SPEND£70bn

It also highlights a need for the UK to realign and revitalise its commercial footprint, after leaving the European Union and the ongoing Covid-19 outbreak, to drive businesses back to their peak and forge a new position on the global stage. Events held in the UK will play a critical role in achieving this. As a country, the UK has vast selection of high quality and richly varied purpose-built event venues and historic buildings suitable for hosting world-class events. It also has a network of talented and creative suppliers and organisers offering state-of-the-art technology and equipment for events.

The UK events industry is committed to assisting new events to align with key sector priorities, to use events in order to promote UK businesses and their products and services, to attracting more international events and grow already successful events.

Michael Hirst OBE, chair, BVEP commented: “The report was compiled in what seems another age, but it will serve to provide testament to the power of events to create change and transform experiences, key requirements in facing and achieving the UK’s future challenges. It’s a critical role which the industry is ready and eager to take on and show how it can deliver for the UK.”


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