As usual, I scan the globe (!) for reliable market intelligence. Northstar Meetings Group and Cvent just issued their latest industry survey for meetings. Here’s a summary.
• Encouragingly, meeting professionals’ optimism is on the rise. A mere 14% of planners report being less optimistic now than two months ago, indicating a positive trend in the industry.• The survey reveals that 72% of meeting professionals are actively booking or sourcing new in-person events, a significant majority. In contrast, only 2% are not sourcing, indicating a strong demand for in-person events in the industry.
• Booking timelines continue to normalize, with fewer near-term meetings (less than 6 months out) needing to be placed. Most new businesses being sourced now are between 9 and 12 months out.
• Higher attendance expectations have led to increased confidence in in-person events, which has increased meeting volume. Over 60% of planners report their organizations will plan more meetings in 2024 than they did in 2023.
• More than two-thirds of planners report being cautious with their contracts due to the need for flexibility when booking venues and hotels.
• Costs continue to be planners’ top concern. In fact, 42% report increasing tech spending this year. However, their use of new and more sophisticated applications is minimal, indicating an opportunity for event tech providers.
As we head into summer and fall, this bodes well for the meetings industry.
Copyright 2024, Lois Creamer, Book More Business. Lois works with professional speakers who want to book more business, make more money, and fully monetize their message.
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