MPI Meetings Outlook Report Shows Increased Complexity in Contract Negotiations
Meeting Professionals International (MPI) has published its Summer 2018 Meetings Outlook report. The Meetings Outlook series, which presents industry trends and predictions from MPI members, is developed in partnership with MGM Resorts International and supported in partnership with the IMEX Group.
The 2018 Summer report identifies trends including increased complexity in contracts and negotiation, particularly around attrition clauses. As alternative housing services such as Airbnb and usage of hotel pricing comparison sites such as Trivago grow, it becomes more and more difficult to keep attendees within group hotel blocks.
Other trends covered include growth in demand for experiential event components, and a positive shift in industry perception regarding virtual meetings — no longer viewed as a threat, they are now being seen as an aide to face-to-face events.
Key findings include:
- 66 percent of respondents predict favorable business conditions.
- More than 50 percent report that contract negotiations are becoming more complex.
- The majority of respondents describe the current business climate as a seller’s market.
- Live event attendance is expected to grow more than virtual attendance, although only marginally.
This last point may be the most important, as it is the first time in almost three years of Meetings Outlook survey results that respondents have not reported a higher growth in virtual events.
The report is included in the print and digital versions of MPI’s The Meeting Professional magazine, August 2018 issue. To download your complimentary copy, go HERE.