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Cologne Hotels Enjoy More Visitors Thanks to Events and Congresses
Cologne is a popular destination for business travelers, so events and conferences are very important for the city. The recent study commissioned by the Cologne Convention Bureau (CCB) is dedicated to the economic effect of various business-related events in Cologne, such as meetings and congresses. A part of the study is dedicated to expenditures of both organizers or these events and participants.
Every year, Cologne hosts approximately 35,000 meetings and congresses that attract almost two million visitors to the city. Not only Cologne hotels benefit from this but also numerous venues – there are as many as 170 event venues in the city. The estimated turnover of the Cologne meeting market is approximately 1.3 billion euro a year. Approximately 45% of this sum remains in Cologne. Naturally, this revenue is distributed to numerous industries such as transportation, hotels, restaurants and cafes, event venues, and so on.
If count participants of numerous conferences and events in Cologne only, they spend roughly 557.3 million euro every year. This group also has the highest expenditures. It turns out that the majority of participants of various events and congresses visit Cologne for a short term as 64.5% visitors are day trippers. More than a third of participants, 35.5%, are overnight visitors. An average business traveler spends approximately 289.70 euro a day in Cologne.
Exhibitors are also an important group for the city’s hospitality industry and economy in total. They roughly spend 479.5 million euro a year. Finally, all kinds of meetings are also typical in Cologne, so initiators of these meetings make up the third largest group in terms of total expenditures. Meetings initiators spend roughly 264 million euro a year. This sum includes space rental, catering services, personnel, technical support, and so on.
Naturally, hotels are the most popular place for meetings. More than 37% of all meetings in Cologne are held in hotels, followed by event centers and various specialized event locations (33% and 30% respectively). Cologne hotels earn 236 million euro a year from meetings. Event locations generate more money than event centers (169 million euro against 153 million). To keep up with growing requirements of customers, event space is modernized and optimized every year. On average, investors spend 14.9 million euro a year on that. Such a developed event market is definitely good for local communities as it creates 8,056 jobs across Germany and 3,786 jobs directly in Cologne.
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