TBOE White Paper explores Global Classification Codes and their impact on the events economy

The Business of Events has published its latest White Paper entitled ISIC Codes and the Global Events Economy, revealing how current economic classification systems hinder the accurate measurement of the events sector.

The White Paper highlights that the United Nations’ ISIC (International Standard Industrial Classification) codes, which form the basis for regional systems like NAICS (North America), NACE (European Union), and SIC (UK), do not sufficiently capture the global value of the events industry, despite being updated as recently as 2023.

As a result, these systems fail to reflect the scale, complexity, and modern practices of the global business events sector.

Key industry segments such as agent, venues, association, academic, supplier and service businesses, as well as sustainability-focused initiatives, remain either misrepresented or entirely absent from the current codes.

This omission significantly undermines the sector’s ability to demonstrate its economic and societal value, making it harder for industry bodies to lobby for government recognition and support effectively.

The White Paper explores how these outdated codes fragment the measurement of the Events Economy, making it challenging to quantify the sector’s contributions to GDP, job creation, and knowledge exchange accurately.

It also outlines actionable solutions, including lobbying for updates to the ISIC system and establishing global frameworks for standardised data collection.

Martin Fullard, author of the TBOE report, said:
“The events economy is a multi-billion-dollar global powerhouse, driving economic growth, innovation, and collaboration across all sectors. Yet, it remains hidden in plain sight because governments and policymakers are working with a measurement system that omits a valuable commodity. Without an update to the ISIC codes, we cannot accurately capture the scale of the Events Economy or advocate for the support it deserves. This white paper is a call to action for the industry to unite and push for meaningful change.”

The White Paper is available for download here, providing critical insights and recommendations for stakeholders across the global events industry.

Key Findings of the White Paper

• Outdated Classification: The UN’s ISIC codes, last updated in 2023 after not being touched since 2008, do not account for the evolution of the events sector.
• Fragmentation: Regional systems like NAICS, NACE, and SIC inherit these limitations, leading to inconsistent and incomplete data.
• Impact on Advocacy: Without accurate measurement, the industry struggles to secure policy recognition and financial support.
• Proposed Solutions: Updating ISIC codes and creating a global Business Events Satellite Account (BESA) to measure the industry comprehensively.