This quarterly study takes a closer look at the trends and investment in meetings and events. This time the study, though still showing positive signs, also shows the industry taking some hits.
It's a challenging time for many meeting professionals who are facing increasing pressure on every front as the pace of the meetings and events grows in segments throughout the industry. Meetings are being further complicated by factors such as limited room availability, shorter lead times and continually increasing airfare on flights with fewere open seats. Up to 89% of the respondents see this as a concern, followed up with 87% being concerned about the rising F&B/catering costs. The air travel costs are expected to go up with 5 % in the coming year, which could have the meeting professional digging deep in their bag of ideas. With room rates and F&B costs going also slightly up, it's a challenge to keep in budget.
The good news of increasing budgets (55% of the European respondents predict a budget increase as opposed to 14% predicting a decrease) are therefore slightly reduced by the increasing costs. Industry professionals of course have their ways of making things work and for example site selection can address some of the budgetary challenges clients face. Choosing a venue that fits the style of what the company is trying to project makes a difference and quite likely cuts costs spent in décor.
But there are also other good news besides the increasing budgets; also the trust in favorable business conditions and the increasing number of full time positions does indeed give a positive twist on the quarter. 81 % of the European respondents do find the business conditions good and only 19 % find them neutral. On the job side 35 % of respondents feel that there is an increase also in full-time and part-time job markets.
Be that as it may, in a post-recession environment the trend toward holding meetings with a demonstrable business payoff is continuing. So the business value of these meetings does need to be calculated and communicated in order to get the funding. This goes hand in hand with the fact that training, educational events and sale meetings are expected to be increasing their share of meetings and events the most. This could be due to increases in hiring and investment in employees.
This study is available for members directly within the member's area here.
If you are not a member yet, you can download it directly by clicking here.