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As regional Victoria enjoys the tail end of another bustling summer season, tourism operators are being urged to think strategically about tapping into the business events market during off-peak periods. The benefits are clear: hosting business events is a surefire way to generate a massive economic contribution to local communities.
An independent study commissioned by Business Events Victoria (BEV) and conducted by Urban Enterprise reveals that BEV members are responsible for generating a quarter of all business event visitors to regional Victoria. The economic impact is undeniable, with regional business events bringing in $841 million in expenditure in the 2023-24 period. With figures like these, it’s no wonder that business events are fast becoming a cornerstone of regional tourism.
A Ripple Effect for Local Economies
The study's findings highlight the power of business events in driving economic growth. For every dollar invested in BEV, $16 is generated for regional Victoria. This remarkable return on investment has positioned business events as one of the most effective ways to boost local economies. A significant portion of these visitors comes from outside of Victoria, with an estimated $1.9 million in direct visitor expenditure generated by interstate visitors.
A closer look at the data shows that business events visitors to Victoria amounted to about 5.2 million in 2023-24, with approximately 42% of those visitors heading to regional Victoria. The overall expenditure from business events visitors in the state reached an impressive $4.2 billion, with domestic overnight visitors contributing the majority of this total.
Regional Victoria: A Hotspot for Tailored Business Events
Chris Porter, General Manager of BEV, emphasizes the immense value that business events bring to regional Victoria. The state’s unique offerings and tailored experiences make it an attractive destination for event organizers. Many regions have developed specialties in particular industries, providing event organizers with opportunities to craft technical tours and experiences that highlight the best of regional Victoria’s world-class industries.
Moreover, Porter highlights the long-term benefits of business events, noting that visitors who come to regional areas for business are significantly more likely to return for leisure, often bringing their families along to explore the region.
Growing Momentum for Regional Business Events
With the success of the Victorian Government-funded Regional Victoria Business Events Program, delivered by BEV, regional Victoria has seen a sharp rise in the number of business events hosted across its towns and cities. This program has supported national businesses in hosting conferences, trade exhibitions, seminars, and corporate meetings. In total, the program is estimated to generate $13.8 million in direct and indirect visitor expenditure.
To continue this momentum and achieve even greater success, BEV is seeking additional funding of $3 million over the next four years. This additional funding is expected to result in an increase of $5.3 million in direct visitor expenditure, driving regional economies even further.
A Bright Future for Regional Victoria’s Business Events Industry
The findings of the study and the success of BEV's programs signal a bright future for regional Victoria’s business events industry. By attracting more visitors, showcasing unique destinations, and providing tailored experiences, business events have become a powerful tool for stimulating economic growth and promoting regional tourism.
To learn more about how regional Victoria is becoming a hub for business events, and how you can get involved, visit: www.businesseventsvictoria.org.au
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