MPI Spring 2018 Meetings Outlook Report Indicates Industry Health
Meeting Professionals International (MPI) has published its Meetings OutlookTM 2018 Spring Edition.
Meetings Outlook presents future industry trends and predictions from MPI members, including meeting professionals on MPI’s Business Research Panel. The report, based on survey data collected within the last quarter by research firm Association Insights, provides insights on current business conditions and future outlooks.
According to the report, event industry professionals are focusing on cultivating the entire meeting experience, with an emphasis on enhancing interaction and immersion. These proclivities are supported by a healthy, stable economic environment.
Key findings include the following:
- 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.
- 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.
Meetings Outlook is developed in partnership with MGM Resorts International and supported in partnership with the IMEX Group.
To view the full report, visit www.mpiweb.org/meetingsoutlook. The report is also included in the print and digital versions of MPI’s The Meeting Professional® magazine, May 2018 issue.