Events Council Blog

The Economic Impact of Events: Part One with Kristen Mulieri, CMP

Mar 22, 2018

In February, the Events Industry Council announced the release of its Economic Significance Survey. This survey, which looks at the economic impact of face-to-face meetings and business events, was done in partnership with Tourism Economics, an Oxford Economics company. This research revealed that the events industry accounts for hundreds of billions of dollars in revenue to the U.S. economy and supports 5.9 million jobs. As such, it is important for all events professionals to understand and appreciate the economic value our industry holds.

Kirsten-Mulieri CmpWe caught up with three CMPs to get their take on the economic impact they are seeing with their events, and the role that they play. In part one we talk with Kristen Mulieri, CMP, SourceMedia

Events Industry Council: In what ways do you see events that you are involved with making a positive contribution economically?

Mulieri: We contribute to the tourism revenue of each state and city where we hold events. Our attendees and staff often extend their trip to come in early or stay later in order to explore the city and spend their tourist dollars. In addition, we contribute to the health and welfare of the hospitality industry as we use their facilities and employees to make our events happen. 

We also employ many local temps to work our events alongside us. These are people who do not have regular employment but are dependent on these events for income. Another major way we contribute to each city is by our offsite events. We are not only contributing to facilities like hotels and convention centers, but sponsorship leads us to spend money and host events offsite at places like restaurants, TopGolf, 5k runs, transportation companies and many more.

Events Industry Council: In your position and knowing the economic impact that events are having, does it change your approach to the strategy?

Mulieri: My strategy for events is not specifically tied to the economic impact of the local economy but it is an outcome of our strategy. However, sometimes our strategy is to hold our events in a city with a stronger economy so that we get more bang for our buck. For example, you can get a lot more out of your budget in Austin, Texas as opposed to San Francisco and that can only be good for the local economy and the people who work in it.

Events Industry Council: What is the one thing that CMPs should keep in mind as it relates to the economic impact of events?

Mulieri: As a CMP, I believe it is important to do your research and to wisely choose locations. You want to place your events in locations that are affordable for your attendees, favorable to your budget and still a location that will draw industry professionals.More attendees mean more impact.

Read Part Two with Nanette Baecher, CMP here.
Read Part Three with Matt DiSalvo, CMP here.