It is the first time Eventia has estimated the overall value of the conference and business events market. Previously, it has given estimates of direct revenue to venues.
The survey is based on data supplied by a representative sample of 403 UK venues, which is 11.5% of the destination’s 3,500 venues.
The report also found that:
• There were an estimated 94m attendances at the 1.3m events that took place in 2009
• Each UK venue hosted an average of 379 events in 2009, compared to 391 in 2008
• Events are most commonly booked two to eight weeks in advance
• Clients are negotiating more on venue rates and shopping around for value for money
• Catering spend is reducing
• Venues are more optimistic about business than a year ago, and 65% of survey respondents plan to invest in their property in 2010
Eventia chief executive Izania Downie said: "Eventia has now been able to provide a robust estimate for the value of our sector, something our industry has long needed. We will use this information for education, marketing and advocacy purposes."