IFEMA contributes 3,489 million euros to Madrid’s economy

IFEMA has recently presented data on its contribution to Madrid’s economy based on a study carried out by KPMG. It also presented its tentative 2018 balance sheet which foresees breaking all previous records. IFEMA’s economic impact totals 3,489 million euros in income. That represents 2.15% of the city’s GDP and 1.59% of the entire Autonomous Community’s GDP. These results reflect the growth in IFEMA’s activity which in 2018, for the first time ever, will host over 100 fairs and 600 conferences, conventions and professional and entertainment-related events.

The study also highlights IFEMA’s global impact on employment, affecting 18,656 workers. The primary industries benefitting from these activities are restaurants, hotels and shops (with an impact of 1,348 million euros and 10,305 jobs) and fair-related transportation (representing 694 million euros and 5,323 jobs).

IFEMA hosts more than half of all the international fairs held in Spain.

In addition, the study provides details on two key performance indicators, revealing that Spanish exhibitors spend 60,239 euros on fairs on average, while local visitors dedicate 572 euros. If we look at international participants, these figures increase notably, in particular amongst visitors, who spend almost five times more. Each international exhibitor spends 72,529 euros in Madrid, while foreign visitors spend 2,468 euros. These figures support IFEMA’s efforts to prioritise international fairs and its attempt to attract large European and global congresses due to their greater contribution to Madrid’s economy, IFEMA’s primary objective.

In this sense, 2018 is set to be a record year. It will close with 104 fairs (14 of which are new and 10 fairs abroad); 600 congresses, conventions and professional and public events; 33,000 participating companies (6.5% more than last year); and 3.5 million visitors (16% more than in 2017). The last figure is truly spectacular, especially bearing in mind that it exceeds the number of people who actually live in the city of Madrid.