The MPI Foundation has secured £164,000 in funding, enough to complete an industry wide economic impact study during 2012.
The results of the study will be announced in November / December, 2012.
The UK Economic Impact Study (UK EIS) was formally announced 7 March at International Confex, Excel London. It will be the first study of its kind in Europe. MPI has already published similar studies in North America.
The new UK study is expected to build on the UK Events Market Trends Survey (UKEMTS) announced last week by Eventia.
The UK EIS will use UNWTO methodology to go beyond the data sourced for the UKEMTS to focus clearly on economic impact, driven by buyer information. MPI intends to make the information available for use by the industry to demonstrate ROI, value and the benefits of events to the wider business community. In particular, the data will enable the industry to demonstrate its value to the Government in terms of GDP, taxation and employment.
Didier Scaillet from the MPI Foundation said: “The UK EIS provides the UK event industry with an opportunity to come together and share economic information that will benefit us all. Based on our past experience in other destinations, the data could be used to influence national policy, change opinions and professionalise our work on a level that has not previously been witnessed. Just one example of a study’s impact was the headline figure from the US research that clearly showed the businesses events industry to have a greater economic impact than automobile manufacturing.”
“Research on this scale cannot be conducted without the buy-in and commitment from the whole industry, which is why we are delighted that the UK EIS has such a wide range of sponsors and supporters. However, the overall success of the UK EIS will be directly linked to the engagement and involvement of companies and individuals across the country providing data and information.”
The UK EIS will be supported and promoted through the “I value my industry” communications campaign, a pan-industry initiative and managed by the MPI Foundation. An RFP has been distributed to research companies interested in running the study. The MPI Foundation is expected to announce the vendor by the end of March 2012.
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