Believe it or not, corporate events both large and small are incredibly important for the local economies of towns and cities across the UK.
Contrary to popular belief, most attendees at corporate events leave the hotels where they are staying and they can often provide a significant boost to the local economies.
Below are just some of the many ways in which large corporate events can help economies – including the economy of the Isle of Wight.
Big corporate events draw big crowds
It may seem obvious, but the main reason why large scale corporate events help economies both big and small is because large corporate events tend to draw big crowds. Large events will typically see hundreds, if not a few thousand, professionals descend on a specific location for a few days.
One recent example is the SBC summit in Barcelona which has seen the top leaders of the casino industry gathering to discuss the future of the online gambling industry. The online gambling industry is growing exponentially every year and there are now hundreds of different online casinos and betting platforms for users to choose from. Clearly a summit is in order for this burgeoning industry!
An event on the scale of SBC will certainly have an impact on the local economy as executives and corporate directors will be seeking out the best that Barcelona has to offer in terms of restaurants, entertainment and lodging. On top of that, local vendors can all stand to benefit from the event itself.
A renewed interest in corporate events
There was obviously a slowdown in corporate events over the last few years. The international global health crisis which rocked the world for the last year and a half effectively put a stop to any large corporate events which took place in person, rather than digitally.
Now, after nearly two years of no large corporate events taking place, there is a renewed interest in corporate events and activities.
In the past, it was considered innovative and novel to have fully digital events, conferences and panels. However, after two years of meetings on Zoom, conferences via Teams and endless video calls, the real novelty lies in in-person events, rather than online events.
This renewed interest in large scale, physical events has reinvigorated the event planning industry and also given corporations more to think about and consider when hosting events.
Continued focus on health
One aspect which remains incredibly important following the last two years is the significance of health precautions and measures taken at events. The global health crisis is still looming and, as a result, it remains just as important as it ever was for events and physical venues to practice exceptional health and safety protocols.
The need for enhanced safety protocols is especially important for large scale corporate events which are likely to attract attendees from around the world and from a range of different sectors.
One of the best ways which corporate event planners can give back to the communities in which they are based is by ensuring that safety protocols are followed at the events themselves. Event attendees will be staying at local hotels, going out for food and drinks and exploring the area.
If safety measures are not followed, large scale events could have a domino effect in an area and cause a greater drain on the local health system.
The knock on effect
It should not be forgotten that the attendees at corporate events are, obviously, corporate. Corporate events are not furry conventions or meetings of a particular fandom, and the people who attend corporate events are typically fairly senior. This means that they are more likely to have disposable income which they would be willing to spend in the towns they are visiting.
The result is that local towns and shops are likely to experience a boost in hospitality sales when a corporate event is occurring. In addition to the hospitality sector, there will also typically be a knock on effect for all of the vendors in the area, including caterers, florists and event planners.
A closer look at the Isle of Wight
The Isle of Wight is certainly in a position to benefit from the rise in popularity of large scale corporate events. Conveniently located near London and France, the Isle of Wight is, in many ways, an ideal location for large, international gatherings.
In addition to geographical positioning, the Isle of Wight is also extremely beautiful. Its scenic views give all travellers a sense of peace, calm and antiquated England. The Isle of Wight has dozens of different hotels which are perfect for accommodating large corporate events.
The Isle also has a series of event spaces in town for additional activities aside from panels, including botanical gardens, retreat centres and scenic spots. In terms of benefits from hosting events, the Isle of Wight’s hospitality sector will benefit from the influx of corporate visitors who need to stay, play and eat on the Isle.
On top of that, this may be the first time that many of these people have visited the Isle of Wight and they may decide to come back later on for a holiday. Essentially, corporate events are a great way to introduce hundreds of people to a new location and give them a reason to return.
