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Business conferences, such as the (European Society for Radiotherapy and Oncology), will bring thousands of delegates to the host city, and are just as important to the economy as major sporting events such as the Olympics, according to new research from the University of Surrey.

The Events Industry Council (EIC) reports that approximately 1.5 billion delegates attend meetings, conferences, and exhibitions each year, generating 拢1.6 trillion of GDP globally. As a result, these events can provide career and training opportunities for local residents, improve transport and infrastructure, and can raise a destination's image through media coverage.

The study, in Event Management, highlights the often-overlooked emotional and psychological advantages that residents experience when significant business events occur in their cities or towns.

Dr. Emma Delaney, Director of Student Success and author of the study from the University of Surrey, said, "Communities can reap profound benefits from hosting these conferences, much like they do from major sports events. It's about time we acknowledged the value of community pride and social cohesion that comes with being a host."

The study explores the concept of "psychic income," which refers to the positive feelings and heightened community pride that residents derive from hosting business events, even if they don't attend. Using a comparative analysis between sports events and association conferences, the research draws parallels in how both kinds of gatherings can elevate local identity and community spirit. The research examines the social impacts of these events, from improved infrastructure to enhanced civic pride.

The study suggests that while hosting large-scale conferences can indeed boost local economies, it also creates a more vibrant community atmosphere. The influx of delegates and media attention brings a sense of excitement and visibility to the area. This in turn fosters a feeling of belonging and pride among residents, which can lead to improved social ties and community engagement.

Dr. Delaney continued, "By elevating awareness around association conferences, particularly with local residents, these psychic income benefits can be maximized. This approach not only boosts the economic value of hosting events but also nurtures the social fabric of communities.

"As cities compete to host business events, they should embrace the broader spectrum of benefits that these gatherings bring. By recognizing the importance of psychic income, we can create communities that thrive not just economically, but socially and emotionally as well."