The US’s meeting and convention business is a 365-day-a-year enterprise that last year generated $122.3 billion in direct spending, making it the 29th largest national product.
The Convention Industry Council (CIC) recently released those figures that showed the business generates more than 36% of the hotel industry’s operating revenues. Convention attendees also accounted for nearly 17% of the airlines’ income.
Association-sponsored events accounted for two-thirds or more than $81 billion of the direct spending industry total.
Corporate and incentive travel accounted for the remaining one third, or more than $40 billion.
“With this study, CIC hopes to increase public awareness of this vital economic engine,” said Mary E. Power, CEO of the CIC.
Report by David Wilkening
