Reports from UKEVENTS and Great Potential Consultancy reveal that the UK events industry generated £61.65 billion in 2023, marking a significant milestone for the sector. This figure reflects a near-return to pre-pandemic levels from 2019, underscoring the industry's strong recovery.
Corporate events such as conferences, trade fairs, exhibitions, and the launch of products generated £33.6 billion in 2023, making a substantial impact on the economy, supporting jobs, and boosting local businesses across the country.
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Leisure and outdoor events thrive
Apart from bringing in a substantial amount of money, leisure and outdoor events like music festivals, sporting events, and cultural festivals also contributed a noteworthy £28 billion to the UK economy in 2023, underscoring their significance in relation to the nation's overall economic activity. The leisure and outdoor events sector is believed to be a major source of tourism and visitor spending in our country.
According to recent findings, the events industry has seen a substantial shift in employment trends, with a rise in freelance work and stabilising wage trends that have been in place since the pandemic.
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Additionally, there is an increasing focus on using cutting-edge technology like artificial intelligence (AI) to improve the overall experience of attendees, and many event organisers are actively looking at how to incorporate these creative solutions into their events.
Given the UK's continuous attempts to become a dominant player in the global events market, it will be interesting to see how these changing patterns continue to impact the industry's growth in the years to come.
The UK's events industry is well-positioned to maintain its crucial role in bolstering the state's economy with its continuous contributions, given its remarkable history of recovery and growth. Following the significant setbacks experienced during the pandemic, the sector has demonstrated resilience and adaptability, bouncing back with renewed vigour.