For every dollar invested in business travel, U.S. companies experience $5.90 ROI
WASHINGTON (March 29, 2023)—Face-to-face meetings and business travel creates measurable benefits for companies and organizations—from increased revenue to lasting and effective professional relationships.
This is the message the U.S. travel industry—and meetings professionals around the world—will share March 30 on Global Meetings Industry Day (GMID), the annual international day of advocacy showcasing the value business meetings, trade shows, incentive travel, exhibitions, conferences and conventions bring to people, businesses and the economy.
“Business leaders know the most persuasive communication doesn’t happen through a screen—it happens when you meet face to face,” said U.S. Travel Association President and CEO Geoff Freeman. “Even in a tight economy, face-to-face meetings matter for businesses and workers.”
A 2021 Oxford Economics study featuring statistical modelling over 26 years and 14 industries determined that for every dollar invested in business travel, U.S. companies experienced a $5.90 return in terms of revenue.
According to a survey from J.D. Power and Tourism Economics, 81% of executives view business travel as essential to company operations—with good reason. A study reported in the Harvard Business Review found that face-to-face requests are 34 times more effective than emailed ones.
Downstream Impact on U.S. Economic Sectors, Jobs
Professional meetings and events fuel economic growth and local job creation as well. In 2022, there was nearly $100 billion in meeting and events-related travel spending—representing 38 percent of all business travel expenditures. That spending supported 600,000 American jobs.
“Professional meetings are critical to the success of other industries like manufacturing, education and healthcare, bringing together decision makers across the public and private sectors,” said Freeman. “When you think about it, there is practically no industry sector that doesn’t rely on professional travel to advance its business or goals.”
The federal government has a significant role to play in jumpstarting these business travel activities and should be encouraged to return to the office and get back on the road.
“The federal workforce can provide incredible value to meetings and events while simultaneously setting the tone for private sector companies looking to return to the road,” added Freeman.
How some organizations around the U.S. travel industry are celebrating the power of meetings on GMID:
- • Hilton is inviting organizations to share their meeting success story for its “The Meeting that Meant Everything” contest.
- • PCMA New England is partnering with MPI New England to celebrate Global Meetings Industry Day 2023 in Greater Boston with an educational presentation and networking opportunities.
- • Meeting Professionals International will host a 12-hour broadcast featuring industry leaders sharing insights and experiences on the impact of meetings on the global economy.
- • Visit Orlando will film a video message in downtown Orlando on the power of meetings and events.
- • New Orleans & Company will host an interactive panel on the power of meetings.
GMID is powered by the U.S. Travel Association’s Meetings Mean Business Coalition, co-chaired by Meet Boston President and CEO Martha Sheridan and MGM Resorts International Senior Vice President & Chief Sales Officer Stephanie Glanzer.
Social media GMID content will be organized using the hashtags #MeetingsMatter and #GMID2023.
Learn more about GMID and how organizations around the world are celebrating.
U.S. Travel Association is the national, non-profit organization representing all components of the travel industry. Travelers in the United States are estimated to spend $1.1 trillion in 2022 (still 10% below 2019 levels). U.S. Travel advocates for policies to accelerate an even recovery across the travel industry and restore economic and job growth for this essential contributor to our nation’s success. Visit ustravel.org for information and recovery-related data.