Why Business Events Are Essential to SA Economy

During the Meetings Africa 2018 conference, it was revealed that business tourism contributes almost R115bn to the South African economy.

It is estimated that business visitors spend more money than the usual leisure traveller. This money is often spent at hotels, conference centres, restaurants, country clubs, and convention centres.

With these figures, it makes sense that corporate event planning is a huge boost for the South African economy and the tourism industry as a whole.

Business events and event shows are similar but there is a fine difference between the two. Business events must be able to change a combination of asset, liability or equity accounts to be called a true business event.

There are different types of business events such as

·         Seminars and conferences, executive retreats and incentive programmes 

·         Golf events, appreciation events and team-building events 

·         Product launches and trade shows

So why are these events essential for the success of the South African economy?

Like other countries, the events and meeting industry has a powerful impact on the economy. According to the South African National Convention Bureau, South Africa hosts about one million delegates at business events every year, supporting over 250,000 jobs directly and indirectly in this sub-sector alone.

Cape Town was recently named the number-one spot as a globally competitive business destination. The recent expansion of the CTICC has played an integral role in securing this prestigious recognition. 

In 2017, 3,400 international delegates experienced Cape Town, helping grow the economy and creating jobs in the areas of tourism, conferencing and hospitality. Investment teams and streams like the Convention Bureau are hard at work, to attract major events and to make Cape Town the world meeting destination. 

Leisure is no longer the major draw to our country’s shores and tourism and event operators are taking these factors into consideration with planning business shows and events.