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It remains a difficult environment for the events industry, with planners continuing to face a host of challenges, from narrowing budgets to the effects of extreme weather events due to climate change. But more than three-quarters of planners still believe the sector is not bogged down by its logistical challenges and fosters creativity and innovation.
That’s just one of the findings from the Meetings Industry Association’s (mia) June 2024 Insights report, a survey of 185 U.K.-based event organizers and venues. Another highlight: More than half of organizations say they are investing more in their business today than they were 12 months ago, with 81 percent investing in sustainability initiatives; 73 percent investing in technology; 61 percent in marketing; and half of respondents investing in renovations and equipment.
“It is encouraging to see the number of organizations that are continuing to invest in their development, providing a strong indication of confidence in the sector’s future performance,” said Katie Niland, sales director for The Belfry Hotel & Resort in Royal Sutton Coldfield, England, in the report. “With sustainability at the heart of our strategy, it is encouraging to see this at the forefront of the sector’s investment decisions.”
Environmental and societal impact is certainly top of mind for the sector, according to the report — almost three quarters of organizations have a dedicated ESG (Environmental, Social, and Governance) strategy in place, with nearly nine out of 10 respondents clear on their organization’s goals and progress and 47 percent of respondents who feel the industry is effectively addressing ESG strategies.
“The great news,” said Stephanie Lykourgou, sustainability consultant, climate resilience coach, and educator, “is we have more clarity than ever on implementing clear processes to assess ESG impact, developing efficient strategies and a business landscape incredibly receptive to companies able to demonstrate their progress and values with transparency.”
Despite the positive outlook in many areas of the industry, some struggles remain, including reduced staffing. But according to the report, recruitment remains strong, with more than three-quarters of respondents currently looking to onboard new staff members. To address the industry’s skill shortage, nearly all respondents — nine out of 10 — are focusing on upskilling their existing workforce by investing in more training and development than they were a year ago.
One area ripe for investing in upskilling? Artificial intelligence. Right now, only 22 percent of respondents consider that their workforce has a high understanding of how to use AI tools, but that soon could change. According to the report, 89 percent of respondents are seeing increased productivity thanks to AI, with more than one-third using AI tools daily — a jump from only one in 10 respondents using AI earlier this year. More than three-quarters of the sector believe AI will play a key role in the industry’s future, including crafting RFPs, handling customer inquiries, developing marketing copy, and employing artificial intelligence chatbots on their websites.
“It’s critical that we embrace the potential for AI to transform our industry,” said Sherrif Karamat, president and CEO of PCMA, whose perspective was included in the report. “As we move forward as a society, we must be transparent about our use of AI and recognize the need to put guardrails in place. But we cannot ignore AI and hope it goes away.”
Read the full report on the Meetings Industry Association’s website.