Business gatherings like the ESTRO Congress (European Society for Radiotherapy and Oncology) draw thousands of attendees to their host cities, proving to be as crucial to local economies as major sports events like the Olympics, suggests a new study from the University of Surrey. The Events Industry Council (EIC) indicates that around 1.5 billion people annually participate in meetings, conferences, and exhibitions worldwide, contributing approximately £1.6 trillion to the global GDP.

These events enhance career and training prospects for local communities, advance transport and infrastructure, and elevate the destination’s profile through media exposure. According to the study’s findings, this significant contribution to the local economy is akin to the impact of substantial sports events.

Published in Event Management, this research underscores the less visible emotional and psychological benefits the local populace gains when such significant business events occur in their vicinity. Dr Emma Delaney, Director of Student Success and the study’s author at the University of Surrey, remarked: “Hosting these conferences brings communities profound advantages akin to those derived from major sports events. It’s high time we recognised the worth of community pride and social cohesion that accompanies such hosting roles.”

The study introduces “psychic income,” defined as the positive emotions and enhanced community pride residents feel from hosting business events, regardless of their direct participation. By comparing the effects of sports events and association conferences, the study illustrates how both types of events can amplify local identity and bolster community spirit.

While highlighting that hosting large-scale conferences can significantly stimulate local economies, the study points out that these events cultivate a more dynamic community atmosphere. The influx of delegates and the attention of the media inject excitement and visibility into the area, fostering a sense of inclusion and pride among the residents, which, in turn, strengthens social bonds and community involvement.

Dr Delaney further commented: “By raising local awareness of association conferences, we can maximise these benefits of psychic income. This strategy not only enhances the economic impact of hosting such events but also fortifies the social fabric of our communities. As cities vie to host these business gatherings, they should consider the extensive range of advantages these events offer. Recognising the value of psychic income enables us to develop communities that thrive not just economically, but also socially and emotionally.”

More information: Emma Delaney, Applying the Psychic Income Paradigm to Business Events, Event Management. DOI: 10.3727/152599525X17367484906363

Journal information: Event Management Provided by University of Surrey