London’s business events sector is witnessing an extraordinary resurgence, contributing a record-breaking $207 million (£158 million) to the city’s economy in the first nine months of 2024. This represents a 32% surge compared to the same period in 2023, when business tourism generated $157 million (£120 million), marking the highest growth since the post-COVID recovery phase.

A Historic Year for Business Tourism

The London Convention Bureau, instrumental in driving this growth, attributed the success to the city’s dynamic event infrastructure and unparalleled global connectivity. The rise in business tourism revenue also reflects a significant increase in high-profile events hosted in London, spanning key industries such as fintech, life sciences, and sustainability.

Between January and September 2024, London saw a 28% rise in business events, with the total climbing from 25 to 32 compared to the previous year. This wave of growth underscores London’s continued appeal as a premier destination for international conferences and exhibitions.

North America: London’s Most Lucrative Market

North America is leading the charge in business tourism revenue, accounting for over 50% of the total economic boost. Revenue from North American visitors soared from $67.3 million (£51.4 million) in 2023 to a staggering $106 million (£81 million) in 2024, marking a nearly 60% year-on-year increase. This surge highlights London’s enduring appeal to American corporations and event organizers, who continue to see the UK capital as a hub for large-scale international gatherings.

Josh Novick, Vice President of Business Development for North America at the London Convention Bureau, expressed his excitement over the record figures. “The business events sector may seem niche to some, but our economic contributions show that it truly is a sleeping giant. London’s exceptional event infrastructure, its talent, and its connectivity make it no surprise that we remain a top destination for meetings in Europe.”

Primary Events Fuel London’s Economic Growth

Daffodils, Greenwich

London’s appeal as a business hub isn’t limited to corporate conferences. The city has also hosted many major international events, contributing significantly to its tourism revenue. High-profile events like the Salesforce World Tour, which attracted 13,000 delegates, and the European Society of Cardiology Congress, with over 25,000 attendees, have boosted the city’s economy.

Sports and esports events have also made a significant impact. In 2024, six vital sporting events generated $209 million (£160 million) for London. Among these, Major League Baseball (MLB) alone contributed $69 million (£53 million), while Formula E brought in $34.6 million (£26.5 million). The National Football League (NFL), which hosted three games at Wembley Stadium and Tottenham Hotspur Stadium, generated a combined $99 million (£76 million).

Ailsa Buck, Head of Major Events and City Experience at London & Partners commented on the vibrant year for London’s primary events sector. “From Taylor Swift to basketball exhibitions and the upcoming League of Legends final, London is buzzing as a top tournament destination. The economic impact of these events not only benefits Londoners but also reverberates across the UK and Europe.”

A Bright Outlook for 2024 and Beyond

The London Convention Bureau is optimistic about the future, with several large-scale events slated for the remainder of 2024. Notable upcoming events include the Salesforce World Tour, KubeCon+CloudNativeCon, and the European Society for Organ Transplantation, expected to bring in over $90 million (£121 million) combined.

As London continues cementing its position as a global leader in business and significant events tourism, its economic outlook remains strong. With its world-class infrastructure, renowned venues, and unmatched global connections, London is poised for even more critical achievements in 2025 and beyond.

To learn more about London’s flourishing business events sector, visit the London Convention Bureau.

Written by: Bridget Gomez

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