There are indications that the industry is finding some equilibrium and moving away from being strictly a seller’s market, according to the latest edition of Meeting Professionals International’s Meetings Outlook™ quarterly report.
The 2017 Winter Edition, which is available online at www.mpiweb.org/meetingsoutlook, also saw growth slowing slightly. The number of respondents projecting favourable business conditions dropped from 67% in August 2016 to 58% in November 2016. However, the overall feeling in the market is positive.
Other key findings include:
- Most respondents (68.2%) are optimistic or expect no negative change as a result of the U.S. presidential election.
- Half of planner respondents for international association and corporate events as well as U.S. government meetings expect a worsening of business conditions.
- 23% of organizations that employ meeting and event professionals are increasing the number of employees and/or contractors due to new technology
- Attendance at live and virtual events is expected to grow by 1.3% and 2.4%, respectively.
- 78% of respondents are currently learning about safety and security, making it the industry’s top trend.
Meetings Outlook is developed by Meeting Professionals International (MPI) in partnership with MGM Resorts International and supported in partnership with the IMEX Group. The report presents future industry trends and predictions from MPI members, including meeting professionals on MPI’s Business Research Panel. Every quarter, research firm Association Insights surveys the panel, asking a short series of quantitative questions related to the economy and a qualitative question regarding the individual’s professional outlook. Phone interviews are also conducted with randomly selected MPI members. The report provides a quarterly tracking of current business conditions and future outlooks.