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 A new report commissioned by the Meetings Industry Association (MIA) provides a ‘snapshot’ of the current effects of the credit crunch on the meetings industry – and suggests that any downturn may not be as sharp as has been feared.
The study is based on responses from more than 50 venues and more than 50 corporate event buyers, and includes views and comment from a large number of industry experts. A quick glance at the headline figures suggests that, so far this year, the events industry does not appear to be as badly affected as other industry sectors.
Examining any growth or decline in the number of events being organised, the study finds that 52 per cent of its respondents are reporting an increase in day conference events compared to last year, and 38 per cent report no change at all. Furthermore, 54 per cent reported no change in the number of 24-hour events, although 26 per cent predicted a decrease in the months to come.
"Clients are cutting corners now and want to see more value for money for the delegate packages charged"
As far as rates for events are concerned, half the survey’s respondents reported no change in day rates, while 43 per cent recorded an increase. Fifty-eight per cent reported no change to 24-hour rates, while 28 per cent reported an increase.
This apparent stability was endorsed by Charlotte Follett of venue booking agency Hotelfocus, who says that ‘although the summer months were really quiet, business has really picked up again since the start of September, and there seems no significant change in the rates generated compared to the same period last year – although clients are cutting corners now and want to see more value for money for the delegate packages charged’.
Looking into the future, 45 per cent of the survey’s respondents predicted that the revenue for day conferences will increase by the end of 2009, and the majority forecast an increased demand for events over the same period last year.
Staffing levels are also apparently stable: more than half the respondents in each sector reported that staffing levels are unchanged this year, while a surprising 26 per cent predicted an increase in staffing this year. The majority of venues agree that it is more important to maintain current staffing levels and use these staff to market the venues more effectively.
"Right now it’s more important than ever to deliver research which will help people steer their businesses"
In the report’s introduction, Jane Evans, chief executive of the MIA, explains the significance of its findings. ‘Traditionally we have looked retrospectively at the industry and shared from this work past trends,’ she says. ‘It was valuable research which was well used and welcomed for many years.
‘But times have changed, and right now it’s more important than ever to deliver research which will help people steer their businesses. Our commitment now is to look forward, to share emerging trends, and to give greater insight into the future of the industry.’
A full copy of the report – which was compiled by students at Thames Valley University and supported by the Confex Group – is available from the MIA’s website, www.mia-uk.org, for £99 (or free to MIA members). Another ‘snapshot’ of industry trends is expected early next year.
Contact
Telephone: 0845 230 5508
Email: info@mia-uk.org
Website: www.mia-uk.org
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