World Travel Market (WTM) London, the leading global event for the travel industry boosts the London economy by more than £244 million ($380.7 million).
Business deals worth more than £2.5 billion ($3.9 billion) were triggered by the event, while £244 million has been pumped into the economy through money spent on hotels, restaurants, flights and other discretionary spend by those visiting England’s capital city.
To put this figure in context, The British Fashion Council’s London Fashion Week estimated it generates £100 million ($156 million) for the London economy. While Cardiff’s hosting of seven games at the Rugby World Cup will generate £316 million ($493 million). In fact, out of the 11 host cities of the 2015 Rugby World Cup only Cardiff and London will generate more than WTM does for the London economy.
World Travel Market London showcases around 186 countries and regions through its almost 5,000 exhibitors. The deals agreed at WTM will be the product content in travel companies’ brochures and on their websites, which will ultimately decide where holidaymakers visit in 2015 and beyond.
World Travel Market, Senior Director, Simon Press said: “World Travel Market plays a vital role for both the global travel and tourism industry facilitating more than £2.5 billion in industry deals. Furthermore, the event has a massive impact on the London economy with 51,500 senior executives staying in London and spending money on hotels and evening entertainment, totalling more than £244 million.”
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WTM London 2014
$380.7 million WTM London 2014 injected into London economy51,500 Number of visitors
$3.9 billion Value of business deals triggered by the event