A new study commissioned by the Cologne Convention Bureau (CCB) calculates the economic effects of business events in Cologne.
Included among the results (see graphic) are findings showing Cologne's meeting market brings in EUR1.3bn (US$1.6bn) in annual turnover for Germany; about 45% of this amount (EUR720.1m) remains in Cologne.
Developed by Ralf Kunze, the study’s calculation method considers the expenditures of participants, organisers and exhibitors; Kunze developed this method on the basis of worldwide research into tourism and meetings and adapted it to fit the German market.
Kunze's calculations reveal that around 35,000 meetings and congresses (with 2m participants) are held every year in more than 170 event venues in Cologne.
Further calculations show that the participants of meetings and congresses in Cologne spend EUR557.3m annually, accounting for the largest segment of total expenditures. Specifically, 64.5% of the participants are day visitors and 35.5% are overnight.
Congress participants spend EUR289.70 on average during their visit in Cologne.
The second-largest segment of total expenditures is accounted for by exhibitors, who spend EUR479.5m annually to present exhibitions associated with congresses and meetings.
The initiators of meetings account for the third-largest segment of total expenditures. They spend EUR263.6m in areas such as catering, space rental costs, technical equipment and personnel. The largest percentage of meetings (37%) are held in conference hotels, followed by 33% in event centres and 30% in other event locations.
The breakdown of the turnover corresponds to the participant figures: conference hotels generate the greatest amount of turnover, namely EUR236m (42%), followed by EUR169m generated by event locations (30%) and EUR153m by event centres (28%).
Cologne’s meeting market generates value added amounting to EUR534.6m annually, also creating 8,056 jobs across Germany; almost 50% (3,786) of these jobs opening up in Cologne. Furthermore, EUR88.3m (tax) is paid into Germany's economy as a result of Cologne’s meeting market.
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