November 2008

Meetings Industry Forecast

An Uncertain Recovery - 2009

by Maxine Golding

So the cycle turns once again. For those who plan meetings, the pendulum swing back toward a buyer's market should give their organizations much-needed breathing room on rates, dates, and space.
 

But good news always has a flip side.  The economic conditions roiling lodging, travel, and other industry sectors are likely to depress attendance and exhibitor participation at conventions big and small, and also reduce the actual number of meetings planned.

The stakes and levels of concern rise dramatically when you toss in a new U.S. presidential administration and, possible, new congressional leadership - along with a financial crisis that Fed and Treasury officails say is the worst they've ever seen.  Anxiety...uncertainty...caution.  These are the words industry experts use to describe the prospects for 2009.  So Convene's Eigth Annual Meetings Industry Forecast comes at just the right time to help you navigate next year and byond.  here is just a taste of the important knowledge you'll gain from the following pages:

  • Everyone - exposition and meeting organizers, destination marketing organizations, convention centers, hotels, and vendor partners - will be struggling to maximize revenue as they cut costs.  Competition among cities and convention facilities will grow even fiercer as they chase the economic boost that meetings bring to local markets.  More than ever, flexibility will be key.
  • Whether the economy can bounce back by the last half of 2009, as some foresee, is debatable.  The meetings industry's recovery from the double whammy of the 2001 recession and Sept. 11, for example, took considerably longer than predicted.
  • The really big question mark for meeting professionals will be air travel.  Cities are losing airlift, and with more cuts, expected, large and small destinations remain vulnerable, as do already contracted meetings.  Because of this, future site selection will not be easy.
  • Technology tools will continue to improve productivity in planning, promoting, and executing meetings.  But as more powerful online tools are used to counteract rising travel and meeting costs, they also will change where, when, and how people meet face-to-face.  (Editor's Note: Look for an in-depth technology forecast in an upcoming issue)
  • With all these uncertainties,one this is for sure: Greening and sustainability will be everywhere - among both organizers and suppliers.  Customer demand is finally meeting corporate social responsibility, and 2009 promised to be a watershed year for environmental action. 

"The meetings and events industry is the 'Energizer Bunny' of the global economy," according to one of our contributors, futurist and author Jim Carroll. "It just keeps coming back."  True - but only if face-to-face interaction continues to deliver high value --Maxine Golding

Please click below to view a PDF of the forecasts
LODGING
TRAVEL
EXHIBITIONS