Why convention centers are becoming economic powerhouses

 

Convention centers have traditionally been used for conferences, exhibitions and corporate meetings. Today they are becoming powerhouses of economic activity in tourism, hospitality, transport, retail, technology and business services. Modern convention centers can be a major growth engine for cities and regions, attracting visitors, creating jobs and stimulating investment.

Past the Location

A modern convention center is not just a venue to host events. “It brings together businesses, professionals, investors and visitors, creating an ecosystem of commercial activity. The economic impact of an event is often far wider than just the venue itself, with benefits spreading to hotels, restaurants, transport providers and local businesses.

Driving Business Tourism

Conferences, exhibitions, conventions and corporate events bring many visitors from home and abroad. Business travellers tend to spend money on accommodation, eating and drinking, transport, shopping and entertainment and are important contributors to the local economy.

Other tourism opportunities are created when big events encourage delegates to stay longer, or to bring friends and family, too.

Supporting Growth of Local Business and Hospitality

The big winners from conventions are the hotels. Major events can see large increases in occupancy, with restaurants, cafes, caterers and retailers seeing increased demand.

Event decorators, security companies, photographers, logistics providers and production companies are impacted, too. The money spent on one event spreads out to many sectors creating a ripple effect.

Generating jobs

Convention centers create jobs, direct and indirect. Professionals are required in event management, hospitality, technology, maintenance, security and administration for the venue’s operations.

Big events also offer short term opportunities for technicians, interpreters, transport providers, exhibition contractors and other specialists. The more events, the more quality service providers you need.

Trade and Investment Facilitation

Trade shows and exhibitions enable businesses to showcase their products, and find new partners and meet customers. They can also help companies to enter new markets and to forge international links.

Big business events put destinations on the radar of investors and industry leaders. There may also be regular events to promote the city as a business center, which could attract new commercial investment.

Infrastructure Development

“The usual result of investing in convention centers is better infrastructure around it. Cities can improve their airports, roads, public transport, hotels, digital connectivity and public spaces to accommodate visitors.

These are positive developments for residents, tourists and business, and convention centers can be potential catalysts for broader urban development.

Technology Expanding Their Horizons

Technology has changed our experience of cons today. High-speed connectivity, digital registration, advanced A/V systems, hybrid-event capabilities and smart-building technologies allow venues to compete for bigger and more complex events.

The technology also offers opportunities for production companies, digital service providers and event-tech companies.

Development of All Season Tourism

And one way destinations can reduce their dependence on seasonal tourism is with convention centers. Corporate events and conferences can occur at any time of the year while leisure travel can peak around holidays or when the weather is good.

Events outside busy periods can help hotels, restaurants and transport providers to have a more stable level of demand and employment.

Branding of destinations

Hosting a large international event can also raise a city’s international profile. Delegates can see the destination for themselves and may return later for business or pleasure.

That puts convention centers smack dab in destination marketing. They can highlight a city’s infrastructure, hospitality, culture and business environment to influential visitors from around the world.

Integrated Convention Centers Development

The most successful convention destinations are those that have venues and hotels, restaurants, shopping, entertainment and transport infrastructure.

These integrated districts are designed to promote longer visits and higher spend at the destination and to offer a lively environment for business and leisure.

Sustainability of competitive advantage

Sustainability is an increasing concern for convention centers. Buildings that use less energy, renewable sources of power, waste reduction, responsible sourcing and sustainable transport can all help reduce operating costs and meet the rising expectations of organisers and delegates alike.

Green credentials also help venues attract overseas events and environmentally conscious companies.

Venue to Economic Machine

The economic value of a convention center can’t be measured just by the number of events it hosts. Its wider effects are visitor spending, employment, business opportunities, investment, tourism and infrastructure development.

Cities seeking to attract international conferences and exhibitions will see convention centers as increasingly important strategic economic assets. The most successful venues will do more than simply provide space for events – they will link business, tourism, investment and urban development.

The modern convention center isn’t just where an event takes place anymore. Increasingly it is the place where economic activity begins.