The Event Management Industry Is An Ideal Location For The Local Economy

2798 WordsSep 20, 201412 Pages
onment Economic Grandezvous largely competes and collaborates in the event management industry, which provides significant opportunities on a local, national and international scale. Toronto acts as an ideal location for the company as the city serves as a business and political hub for the province, and the country. In 2013 Toronto’s Total GDP jumped too over $290 billion, making up just over 15% of Canada’s total GDP (Toronto Market Sizes, n.d). Of that total, consumers spent almost $10 billion on hotels and catering in the city, and over $13 billion on leisure and recreation (Toronto Market Sizes, n.d.). These numbers give an overarching view of the large tourism and business communities which exist in Toronto, and how much room there is for event planning and event engagement in the local economy. Large scale events such as the 2015 Pan Am Games, with a budget of $810 million, give event management firms the opportunity to receive sizeable contracts with high amounts of preliminary interest (Pan Am Games.., 2014). While business, tourism, and political activity provide smaller event planning and marketing opportunities year round in the city. As companies all over the world look to create memorable events, both in-house and out, there are continuous opportunities for event management, planning, and marketing. In a recent business journal event planning was described as “one of the world’s fastest growing economically lucrative industries” (Dakle, 2013). By one

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