As regional Victorian tourism operators approach the end of another peak summer season, regional towns and cities should be looking to secure business events in off-peak periods to generate immense economic contribution into their local communities.
An independent study commissioned by Business Events Victoria (BEV) and conducted by Urban Enterprise, found a quarter of all business events visitors to regional Victoria were generated by BEV members.
Tourism Research Australia data shows regional business events generated $841 million in expenditure in 2023-24.
A cost-benefit analysis undertaken as part of the study revealed for every dollar of funding provided to BEV, $16 is generated for Victoria’s regions through business events. Meanwhile, almost a third of BEV leads originated from outside of Victoria, an estimated $1.9 million of the direct visitor expenditure is generated from outside the state.
There were around 5.2 million business events visitors to Victoria across 2023-24, with regional Victoria welcoming approximately 42 per cent of all visitors. Altogether, business events visitors to Victoria generated expenditure of around $4.2 billion – most of which was brought in through domestic overnight visitors.
Business Events Victoria general manager Chris Porter said the study highlighted the tremendous value business events bring to regional Victoria, through economic growth and showcasing our unique destinations to visitors from across the state and beyond.
“Event organisers are increasingly looking for unique and tailored business events that regional Victoria has in spades.
“Regions known for particular industries can tailor experiences for delegates, including technical tours of Victoria’s world class industries based in regional locations,” he said.
“Business events also have longer-term benefit – research shows that someone who travels to a region for business is significantly more likely to return to the area for leisure with their families.
“BEV is now looking to capitalise on this momentum, driving even greater economic returns and opportunities for regional communities.
“We will continue to work closely with the State Government, industry and business event organisers to build on this success and keep building the unique and diverse offerings available in regional Victoria.”
The long-standing Victorian Government funded Regional Victoria Business Events Program, delivered by BEV, has boosted the popularity of regional Victoria as a destination for business events.
It supports national businesses to host events in regional Victoria – from conferences and trade exhibitions to seminars and corporate meetings – and is estimated to generate $13.8 million in direct and indirect visitor expenditure.
To build on the success of the program, BEV is seeking additional funding of $3 million over a four-year period. An uplift of this amount would result in an estimated increase of $5.3 million in direct visitor expenditure to $11.8 million per annum.
