CWT Meetings & Events has launched its 2017 Forecast. CWT uses data and insights about all aspects of the industry to provide meeting planners essential information they need to successfully plan and budget for the coming year.
From a global perspective, analysts predict GDP growth will be slightly lower in 2017, so now is the time for planners to get the very best value for money and reduce the cost per attendee. Although there may be decreased client meeting spend in some regions, this year’s forecast still predicts the industry will see overall growth.
“Heading into 2017, our forecast predicts significant growth in meetings and events for regions around the world,” said Cindy Fisher, Vice President and Global Head of CWT Meetings & Events. “By being flexible with timing and destinations, planners can take full advantage of the current market to optimise their meetings and events and produce better results.”
Key findings from this year’s forecast suggest:
- North America will move to a buyer’s market with hotel supply expected to surpass demand for the first time since 2009. Be flexible with destinations and dates to take advantage of this market change.
- In Brazil, hotel rates are expected to decrease as the recent World Cup and Olympic Games created a solid infrastructure and a supply surplus.
- For Asia Pacific, costs per attendee and group size are expected to grow with a 25% increase in the number of meetings.
- In Europe, strict company guidelines, reduced budgets, saving targets and increasing industry regulations for buyers could benefit midscale hotels poised to get more M&E bookings.
M&E trends around the globe:
- Food and beverage:Prices are expected to rise globally. Why? Increased production prices, changes in imports and exports, and growth of special dietary requests from attendees.
- Safety and security: Expanding deeper into M&E. How? Beyond traditional tracking of air travellers, to include manifests of all meeting attendees, to facilitate emergency planning.
- Virtual attendance: Increasing use across M&E functions with technology that enables remote attendees to engage and participate with two-way interaction capabilities.
Tips to improve M&E in 2017:
- Advance strategic meetings management programme
- Focus on the strategy, not the tactics and big impact areas.
- Consider outsourcing components of your programme to accelerate development and add outside expertise, especially venue sourcing.
- Optimise technology
Re-examine your technology use to ensure support and value for your organisation and M&E objectives.
- Implement small meetings strategy
Using transient spend with your small meetings programme can maximise programme benefits and cost.