Business Tourism Contributes Record Breaking $207m to London Economy

The London Convention Bureau has reported a record year so far, with business events adding over $207 million (£158m) to the London economy. Spanning from January to September 2024, this marks the highest record since post-Covid recovery. This is a 32% year-on-year increase, with revenue rising from $157 million (£120m) compared to same period last year. This also includes a 28% increase in the number of events ranging across fintech, life sciences, and sustainability – up from 25 to 32.

North America is still the biggest market for the UK capital, bringing in over 50% of all revenue in 2024 so far. Jumping from $67.3 million (£51.4m) to $106 million (£81m)– nearly a 60% year-on-year increase.

From North America to Europe and Asia, London remains a top choice for international event organisers.

Notable events include the Salesforce World Tour at Excel London, which welcomed 13,000 delegates; the NOAH Conference at Royal Lancaster with 1,500 attendees; and the European Society of Cardiology with more than 25,000 guests alongside 2BUK.

The London Convention Bureau estimates a further economic boost by the end of 2024, with a number of events set to return or debut in the capital. The likes of Salesforce World Tour, KubeCon+CloudNativeCon, and the European Society for Organ Transplantation hosting their meetings in London. All three events are expected to generate more than $90 million (£121m) combined.

Josh Novick, Vice President of Business Development North America at the London Convention Bureau, said: "I'm proud that the London Convention Bureau is continuously among the many organisations that make the city a better place for its communities and businesses. 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 connectivity, makes it no surprise that we remain a top destination for meetings in Europe¹. I'm really excited to be able to announce the many meetings we have coming up and continue making London an outstanding hub for business events."

London's events sector also encompasses major events, with the world of traditional sports and esports contributing to the impressive growth. Across six events, the sector contributed a $209 million (£160m) to the economy. The capital continues to draw some of the most exciting international sporting events. Major League Baseball (MLB) alone contributed $69 million (£53m), Formula E added $34.6 million (£26.5m), and the three National Football League (NFL) games hosted at Wembley and Tottenham Hotspur Stadium generated a combined $99 million (£76m).

Commenting on this, Ailsa Buck, Head of Major Events and City Experience at London & Partners, added "It's been a stellar year for London's major events scene. From Taylor Swift to the basketball exhibition games, and with next month's League of Legends final on the horizon, the buzz around London as a top tournament destination is set to continue. These events not only benefit Londoners but also ripple across the UK and Europe. If we can estimate such impressive economic contributions from just six events, the potential from here is boundless."

Exhibiting for the 13th year at IMEX America, the London Convention Bureau will be leading 27 of the city's best hotels, venues, and destination management companies.

1 Cvent Announces Top Meeting Destinations and Top Meeting Hotels in Europe for 2024