Which industry would you guess contributes more to the U.S. gross domestic product – motion pictures, spectator sports or meetings and events? Some might be surprised to find out that the meetings industry is the biggest economic driver of these behemoths. In fact, it contributes about $280 billion* to the U.S. economy annually. And nearly $700 billion is spent globally on direct meeting and event expenditures each year. Why does the world spend so much on meetings? Meeting Professionals International sums up the power of meetings with “When we meet, we change the world.”

When We Meet, We Change the World

In addition to stimulating the economy, face-to-face meetings drive innovation and provide real-time productivity. Meetings become fertile ground for political discussion and in turn, enhance cultural understanding. Face-to-face engagement creates a shared sense of mission among the participants. Empathy for diverse opinions, responsibilities, and efforts is fostered and camaraderie is established. This positive emotional climate drives collaboration by building meaningful business relationships.

Meetings Deliver Profits

Oxford Economics reports maintain that meetings are also important to business profits. They found that every dollar invested in business travel realizes $9.50 in new revenue and produces $2.90 in profit. Business travelers themselves report that in-person meetings double the likelihood of converting prospects into customers. 42 percent of executives stated that they would lose their customers without face-to-face meetings.

Meetings also help achieve other organizational goals besides profit. They allow colleagues to come together to innovate and learn. Leaders across industries can sit down together for one-on-one collaboration on a common issue. Conventions and conferences are key educational platforms for developing advanced skills and workforce training.

The Power of Meetings

The fact that about 1.8 million meetings and events occur in the U.S. each year is a testament to the power and impact of face-to-face meetings. They drive learning and improvement, political advancement, and economic growth. Because meetings create relationships, they have an inherent power that email, telephone, nor even video chat can replicate.

To discuss how your organization can benefit from meetings and events, contact the professional meeting planners at Covington.

*Research by PricewaterhouseCoopers