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November 17, 2017

Study: Prague’s Meetings Industry Generates 170M Euros




The meetings industry in Prague, including congresses, conferences, corporate meetings and incentive events, generates an annual income of between 170 and 200 million Euro to public budgets, according to a new KPMG study prepared for the Prague Convention Bureau. Only 3.9 percent - between 6.5 and 7.5 million Euro - will return to Prague's budget.

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Based on KPMG's analysis, the performance of Prague's tourism business, of which the meetings industry is a key part, represented roughly 1.3 billion Euro in 2016, which is about one third of the Czech Republic's overall performance. At the same time, it is also 6 to 7 percent of the economic performance of the capital, which makes tourism one of the most important economic sectors in Prague. The meetings industry accounts for 1.1 percent of Prague's GDP, or 15 percent of the tourism industry’s GDP.

Unlike leisure tourism, the meeting industry is severalfold more profitable in terms of spending by international congress participants. On average, a congress delegate coming from abroad spends 218 Euro, which is four to five times more than spending by leisure travelers. 

"The meetings industry, however, brings not just billions to public budgets, but it also creates specific jobs. In Prague this means roughly 5,470 full-time jobs, which is 5.5 percent of the total employment in tourism in the metropolis," says Ondřej Špaček, KPMG expert on tourism. 

The meetings industry in the Czech capital is also positioned for further growth. According to data from the Czech Statistical Office, 2016 was a year when the highest number of events in the last 10 years took place in Prague. 

"Prague, definitely, has a lot to offer to the event organizers," said Roman Muška, director of the Prague Convention Bureau. "In addition to the rich history, there is, above all, easy access to the city, and the city ‘s capacities. You can fly to Prague directly from 162 international destinations, and stay at one of the 795 hotels offering nearly 92,000 beds. According to the 2012 area comprehensive statistical census of the meetings and incentive tourism executed by the Ministry of Regional Development and Tourism, Prague offers 243 conference facilities with a total capacity of over 169,000 persons."

Additionally, in the International Congress Association’s (ICCA) annual rankings, the Czech capital has long maintained its position around 10th place. According to the Prague Convention Bureau, most delegates arrive in Prague from Great Britain, Germany and the United States. The most discussed topics are pharmacy and healthcare, industry and IT and telecommunications.


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