Outdoor events are industry’s biggest contributor to UK economy

Events industry umbrella organisation UKEVENTS has announced that the UK’s events industry generated £61.65 billion in 2023, a figure almost back to pre-pandemic levels of 2019.

Leisure and outdoor events, including festival, music and sport events, were found to be the event industry’s biggest financial contributor to the UK economy, generating £28.05bn, according to the organisation’s UK Events Report compiled by Great Potential Consultancy and published today.

The research found that meetings and conferences contribute £16.3bn, exhibitions and trade fairs £10.9bn, business travel meetings £4bn, and incentive travel £2.4bn.

The report highlights the event industry’s critical role in the economy and covers a wide range of events, including corporate, public, and charity sectors. It also makes clear the UK events industry has proven itself to be a vital economic driver, contributing not just financially but also culturally and socially, as well as paving the way for future growth and innovation.

Aside from attempting to attribute some value figures to the component sectors, the report also notes a shift in employment dynamics, with more freelance roles and stabilising salaries.

Additionally, the report points to the industry’s growing focus on sustainability and technological innovation. By integrating new technologies like AI, the report notes, the UK is positioning itself to remain competitive in the global events landscape.

UKEVENTS chair Chris Skeith OBE said, “The UK events industry has faced unprecedented challenges over the past few years, but what’s clear from this report is that we’ve not only recovered but are driving forward a growth agenda that will see our sector flourish in the years to come.

“The resilience, adaptability, and innovation within our industry are second to none, and I’d like to extend my thanks to all those involved in putting this report together. Their efforts provide a strong case to share with the UK government as we advocate for the continued recognition and support of this vital sector.”