Meeting Professionals International (MPI) has published its Meetings OutlookTM, 2018 Spring Edition. According to the report, a healthy stable business landscape sees industry professionals focusing on cultivating the entire meeting experience, with an emphasis on enhancing interaction and immersion.
Key findings include the following:
- 46.2 percent of respondents expect their business to be affected by the recent cuts to third-party planner commissions by several hotel companies, suggesting concern from numerous parts of the industry—not just third-party planners.
- 75 percent of respondents predict favorable business conditions, with a 3.9 percent growth expected over the next year—the largest anticipated growth since spring 2015.
- Of the various meeting and event components (other than actual meeting space), the largest budget allocations are for food and beverage (34.3 percent of budget), technology (16.8 percent) and housing (16.5 percent).
- Attendance at live and virtual events is expected to grow by 2.3 percent and 2.7 percent, respectively—both live and virtual event attendance expectations are up slightly over last quarter.
Meetings Outlook is developed in partnership with MGM Resorts International and supported in partnership with the IMEX Group.
Meetings Outlook 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.
ABOUT MPI: Meeting Professionals International (MPI) is the largest meeting and event industry association worldwide. The organization provides innovative and relevant education, networking opportunities and business exchanges, and acts as a prominent voice for the promotion and growth of the industry. MPI has a global community of 60,000 meeting and event professionals including more than 17,000 engaged members and its Plan Your Meetings audience. It has more than 90 chapters and clubs in 19 countries. “When we meet, we change the world.” www.mpiweb.org