Economic Impacts of Business Events

Question: Write a Report on Economic Impacts of Business Events. Answer: Introduction This study deals with introducing business events in Australian Economy and presented in reflective style of writing. Reflective style will help in understanding the knowledge gained by students at the time of attending the class session. Events refer as our lives as well as community and our culture. This takes into consideration private or family events like birthdays and weddings. This also includes religious events like christenings (Stokes, 2015). Business Events Value Pyramid Business Events Value Pyramid consists of four parts. The first part is Visitor economy impacts that measures the economic contribution of international visitors as well as domestic overnight travelers and day trippers travelling beyond 50 Km (Mules Faulkner, 2016). The next part is Total economic impacts that measures the broader economic contribution of local events attendees travelling within 50km as well as event organizers and suppliers. The third part signifies indirect impacts that involve intangible benefits that are generated by business events that are reviewed from the available research insights and needs of the sector. Business Events in Australia The business events in Australia majorly deliver significant economic benefit to Australia (Jago Shaw, 2013). This means business events generates strong visitor yield in a way where there is high daily expenditure of participants. Business events delivers much more than the tourism spend. It depends upon the tourism benefits whereby business events has wide as well as enduring benefits in association with managing business relationships, knowledge as well as transfer and employment industry development. Cultural Significance of Events Events will have either direct or indirect cultural impact in the Australian economy. Direct cultural impacts involve celebrations of cultural diversity as well as enrichment. On the other hand, indirect cultural impact takes into consideration crossing cultural boundaries ad bringing the generations together (Jago Shaw, 2013). Strategic significance of Events Events can even be utilized by government as well as by private sector for supporting range of strategic initiatives. This involves government strategic initiatives such as community event at a local level (Hiller, 2016). It involves tourism promotion both at state as well as federal level. On the other hand, private sector strategic initiatives involve corporate conferences for developing networks as well as stimulating innovation. I would further like to share the meetings and conventions for sharing state of the art information. Value I believe that Value has number of measures that include business events as the travel industry highest yielding sector at the time of taking into account both in terms of direct as well as indirect contributions. I would like to reveal that business events represent multi-billion industries. I have noticed generating export dollars as well as stimulating trade and business migration. Tourism and Economic Impacts of Events Positive Impacts- This involves the destination promotion or increased tourist visits. This means extended length of stay and higher yield by increasing the tax revenue. It takes into consideration job creation as well as attracting the sponsorship fees and grants (Dwyer et al., 2014). Negative Impacts- This means community resistance to tourism, authenticity loss as well as exploitation and opportunity costs. It further affects reputation loss and inflation prices at the same time (Dwyer et al., 2015). Factors that Influence Economic Benefits I have understood that there are wide variety of factors that influences the economic benefits that involves the market area, spending habits, length of event, attribution problem as well as capital investments and capital operating costs. Key Statistics for Australia for the Period 2015 to 2016 Revenue- $ 10.8 Billion Profit- $ 2.2 Billion Annual Growth- 2.4% Wages- $ 2.3 Billion Annual Growth- 1.3% Business- 2166 Figure: Industry Data (Source: Dwyer, Forsyth Spurr, 2016) Business Events that delivers Economic Affluence for Australia The trade proceedings sector elucidates financial activity that straight measures the metrics by foundation the information formation as well as trade. This includes innovation as well as speculation among other positive impacts (Burgan Mules, 2013). International business events plays major role by building strong as well as productive and diverse in an Australian economy. Across the world, trade events act as a tactical tool for attracting trade, investment as well as global aptitude. Governments invest as well as support business event sector for recognizing the high yield as well as long-standing benefits that is possessed from enlargement in the visitor and other knowledge-based economy. Local, state and national governments are keen in supporting Business Events Australia Convention Bureau recognizes the collective responsibility for promoting Australia as a premier international trade proceedings purpose (Mules Faulkner, 2016). It means achieving in conducting seamless as well as united approach that relies upon partnership with Tourism Australia and industry. It takes into consideration the economic gains in the intercontinental proceedings that are widely diffused that provides direct hold from government as well as justified at local, state and national level. I would like to state the action required that involves encouraging stronger teamwork between Tourism Australia as well as State or Territory or Tourism Organization for promoting regional Australia by inviting international delegates for pre and post touring. Social and Economic Impact of large-Scale Business Events for Individuals and Communities I would state the fact that social impact takes into consideration volunteering legacies as well as interest in sport activities. On the other hand, economic impact reveals increased employment as well as tourism activities. I have seen that measuring the financial, environmental as well as social bottom of an event whereby it reflects upon the public attitude that finances in the given condition. It majorly creates balanced view of performance by taking into consideration the performance indicators such as economic, social and environmental impacts (Mules Faulkner, 2016). Conclusion: At the end of the study, I would like to conclude that International business events plays major role in building stronger as well as productive and diverse culture in the Australian economy. In and across the planet, trade events will be used as planned tools for attracting trade as well as speculation and global talent. Therefore, Governments invest more for supporting the business event sector as it will recognize high-yield and long-standing profit in the most appropriate way. References: Burgan, B., Mules, T. (2013). Reconciling costbenefit and economic impact assessment for event tourism. Tourism Economics, 7(4), 321-330. Dwyer, L., Forsyth, P., Spurr, R. (2016). Assessing the economic impacts of events: A computable general equilibrium approach. Journal of Travel Research, 45(1), 59-66. Dwyer, L., Mellor, R., Mistilis, N., Mules, T. (2015). A framework for assessing tangible and intangible impacts of events and conventions. Event management, 6(3), 175-189. Dwyer, L., Mellor, R., Mistilis, N., Mules, T. (2014). Forecasting the economic impacts of events and conventions. Event Management, 6(3), 191-204. Hiller, H. H. (2016). Assessing the impact of mega-events: a linkage model. Current issues in tourism, 1(1), 47-57. Jago, L. K., Shaw, R. N. (2013). Special events: A conceptual and definitional framework. Festival management and event tourism, 5(1-1), 21-32. Mules, T., Faulkner, B. (2016). An economic perspective on special events. Tourism economics, 2(2), 107-117. Stokes, R. (2015). Tourism strategy making: Insights to the events tourism domain. Tourism management, 29(2), 252-262.