Business Tourism Adds $207 Million to London’s Economy in 2024 – Focus on Travel News

Business tourism in London has reached a record-breaking $207 million (£158 million) in revenue for 2024, marking a significant 32% increase compared to the same period last year.

According to the London Convention Bureau, the city’s thriving business events sector has boosted the economy, reflecting a strong post-COVID recovery.

The first three quarters of 2024 saw a jump from $157 million (£120 million) to $207 million (£158 million), with the number of business events hosted in London increasing from 25 to 32.

Events in key sectors such as fintech, life sciences, and sustainability were the driving forces behind this growth, drawing international attendees and making London a top choice for global event organizers.

North America continues to dominate as the primary market, contributing over 50% of London’s total business tourism revenue. Earnings from the region surged nearly 60%, from $67.3 million (£51.4 million) to $106 million (£81 million).

This impressive growth is attributed to events like the Salesforce World Tour at Excel London, which attracted 13,000 delegates, and the NOAH Conference at the Royal Lancaster Hotel, hosting 1,500 attendees.

London’s appeal as a business destination extends far beyond North America. High-profile European and Asian events also contributed significantly, with the European Society of Cardiology meeting welcoming over 25,000 delegates, alongside other notable gatherings such as 2BUK.

Major sports and esports events further bolstered the city’s economic performance. Six key events, including the Major League Baseball (MLB) series and three National Football League (NFL) games at Wembley and Tottenham Hotspur Stadium, added $209 million (£160 million) to the economy. These events alone accounted for $69 million (£53 million) from MLB, $34.6 million (£26.5 million) from Formula E, and $99 million (£76 million) from NFL games.

The London Convention Bureau anticipates an even more robust year-end with a series of major events scheduled to debut or return to the capital. Upcoming highlights include KubeCon+CloudNativeCon, the European Society for Organ Transplantation, and the return of the Salesforce World Tour. These events are expected to contribute over $90 million (£121 million) in additional revenue.