Have events in Asia returned, and are they normal again? It has been an odd few years for events, from zoom events to virtual events. No matter how amazing technology is – it will never make online events feel the same as on-location and face-to-face events. There is a different feeling of being surrounded by people in the same location. Thankfully on-location events are back in Asia.
Some organisers still prefer hybrid events that combine digital and in-person experiences. However, 2022 has been a great year for all events, such as sports, business, technology, and art. Furthermore, Asia is known as a dominating location for events due to the weather, people, locations, and upcoming economies. As a result, more and more people are getting comfortable attending and travelling for the occasions.
There have already been many events this year in Asia and many more upcoming events. Some of the top events include Rugby 7s, RISE (Hong Kong), Formula 1, FinTech Festival (Singapore), MMA Impact (Vietnam) and Wonderfruit (Thailand). These are just a few of the many events of 2022.
Hence finally, events are back in Asia! Hosting international events is positively impactful for Asian cities and countries. There are many benefits to hosting international events in Asia – this article will discuss the top benefits for the hosting city/country.
Benefits of Hosting International Events in Asia
Improves Country Image
One of the best benefits of hosting events in Asia is the rise in the city profile. People have become comfortable staying home in the past few years and have forgotten the magic of different cities. Hosting event in your city starts to clear that blur and gives cities a chance to show off their attractions and charm.
The events naturally bring a global audience to the city, where they get a chance to explore and take in what the Asian location offers in their free time. As a result, this may make them want to visit again for just a holiday and spread positive word of mouth to all their friends and family. Of course, this does depend on the town, event occasion, weather and current state of the city.
This benefit is even more advantageous for sports events due to the millions of digital viewers worldwide and thousands of attendees. For example, the 2018 Asian games hosted in Jakarta, Indonesia, bought the city and country into the spotlight. Jakarta is a city that was not well known and did not have a strong image until the event. The event made people worldwide curious about the city, its culture and what it has to offer. The curiosity can result in future benefits to the Asian city, which can help improve and be tourist ready. As a country and its city’s image increases, so do the number of tourists who want to travel there and experience it live.
Tourism Benefits
Any International event back in Asia also has incredible benefits for the tourism board of that Asian country. All events bring attendees, fans, athletes, famous speakers and more. All these groups of people need accommodation, transport and food. The costs spent by event visitors on any of these factors automatically increase the tourism industry in the city.
When events are scheduled and advertised to be in a particular Asian city- it creates a demand for people to book tickets and travel to the city. It also incentivises the city to promote the event, increase its tourism industry budget, build better hotels, increase restaurants and improve local transport. Even after the event, tourism can keep rising if the city positively affects the attendees.
Music festivals are another great event to attract people to the city and increase tourism. For example, the Summer Sonic Festival in Osaka, Japan, attracts fans worldwide due to the famous line-up performances. In 2019 it attracted around 350,000 people, many being tourists who flew in for the reasonable 3-day event. When people travel for events, there is a high chance they will invest a good amount into tourism- especially when they desire to come again with loved ones.
Economy Growth
Hosting events is like a chain of benefits from the event increasing the image, tourism to increasing the country’s economy. The benefits that events bring to a country’s economy are why many tourism boards have taken pride in helping promote the event. No matter what event, the positive impact is a great help to the Asian country as it injects money into the economy. It helps the city and country grow to attract opportunities, business and more famous events.
The economic impact measure is the additional expenditure in the city, which is directly due to the hosted event. The amount is based on the number of visitors, organiser spending, and estimated visitor spending.
For example, the Modern Marketing Impact (MMA) 2022 event attracted more than 300 top marketers from various industries to Vietnam, with even more listeners (attendees). The business event greatly impacts the local economy, as each person will inject money into the city during their stay. The more people visit the event, the better the impact; that’s why sports and art events seem better for hosting cities.
For instance, the sports event in 2018- Hong Kong Rugby Sevens, injected nearly HK$380 million into the city’s economy through overseas visitors.
Offshoring & Outsourcing Chances
As more and more business and entertainment events are back in Asia, there is a higher chance of offshoring and outsourcing. Outsourcing occurs when a company get professional work done by a third party in a different location. Offshoring happens when businesses send in-house jobs or move their company to a different location.
During events, there is a high chance of networking, where locals can meet foreign investors and businesses can find cheaper Asian companies to complete a part of their process. These event meetings/networking can lead to western brands opening businesses in Asia or using Asian businesses to help their brands.
Either way, it is excellent for the local business, professionals and economy of the event-hosting Asian country. For example, a trade show event in Thailand may introduce a local business owner to a US business owner, and a casual conversation may lead to a huge deal. The deal could include the local business providing his business service to the US business or the local businessman helping the US business open a branch in Thailand. Such opportunities help the hosting city and the people of the city.
Creates Jobs Opportunities Asian Job opportunity
International events in Asia also mean more opportunities that will arise before, during and after. These opportunities include jobs for locals in the hosting city. The jobs could be anything from construction workers to managing the event. It is great for local professionals and increases the employment rate and, once again, the economy.
Such opportunities are great for helping locals earn and gain experience in their field. In addition, the experience can help them with future events and jobs.
For example, the Formula 1 2022 races in Singapore employed around 30,000 people at the circuit each race weekend. Each event brings thousands of jobs and greatly benefits the people of Asian cities. As a result, it can also help many cities and countries develop further to reach new heights and bid for more events.
Why Do Hosting Businesses Need Event Insurance?
When hosting international events in Asia, several risks can negatively affect the event, organisers’ liability or harm the attendees. These risks can range from third-party injuries, organiser’s negligence, property damage and more.
Hosting businesses must purchase event insurance to cover these risks. Event Insurance is purchased to protect individuals, companies, or organisations from potential liabilities from hosting any type of international event. The insurance provides liability, third-party, equipment, and venue cover. The bigger the event, the higher the risks, and the more you need event insurance.
These risks can occur at any type of event. That is why it always feels great to know you have event insurance to protect you from sudden threats. Events in Asia after two years are a blessing, and insurance will professionally cover these events.
To learn more about events insurance and cover international events in Hong Kong & Asia, contact Red Asia Insurance.
