The new ifo-study confirms: From the annual total of around 2,000 events at KölnKongress, the City of Cologne benefits with induced purchasing power of 301 million Euros.

The Ifo Institute - Leibniz Institute for Economic Research at the University of Munich e. V. is one of the leading economic research institutes in Europe and concerns itself with the analysis of economic policy. The services of the institute also include the collection, processing and provision of economic data and information.

According to the Ifo Institute, the events that are held in the KölnKongress locations attract a great deal of money to Cologne and secure more than 3,000 jobs: persons attending conferences spend an average of € 571.-- and are thus an important economic factor for the City of Cologne.

 

Event venues, in particular convention centres, make a significant contribution to the economic performance of each municipality. The visitors to the approx. 2,000 events in the KölnKongress locations Flora, Gürzenich, Tanzbrunnen and Congress-Centrum Koelnmesse each year spend a total of € 233.1 million - of which nearly 80% is spent in Cologne (€ 185.5 million). All in all, spending in Germany as a whole produces 411.8 million Euros of induced economic turnover - here, too, the bulk remains in Cologne with 301.4 million Euros. This benefits, among others, tourism service providers such as hotels, restaurants, taxi and bus companies, as well as the retail trade, and in Cologne alone 3,177 jobs are secured. Nationwide, 70.5 million Euros of tax income is generated, the City of Cologne has tax revenues of 3 million Euros.

 

"It is, above all, the congress participants who do not make the major part of their average expenditure in the congress centre itself, but rather in the city", says Horst Penzkofer from the Ifo Institute. They account for half of the visitors at the events in the venues of KölnKongress. "In this way, event centres - as motors for the economy - secure jobs and, through the versatility of types of event, also make a location economically attractive for visitors from further away as well as for the relocation of companies", according to the Managing Director of KölnKongress Bernhard Conin.

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