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Posts Tagged ‘economy for meeting and events’

The Meetings Forecast: Partly Cloudy with a Hint of Optimism

Monday, August 22nd, 2011

 

Photo Credit: Sirwiseowl

As everyone plans their fiscal year and 2012 budgets, what is the meetings forecast? Here’s a round-up and it seems the forecast is party cloudly with the hint of optimism.

Skepticism about an economic downturn and the possibility of another recession has left us wondering what should we expect in 2012. It’s a coin-toss and companies like Fannie Mae are forecasting a 50/50 projection of economic recession again. The rest are just as nervous to make predictions and numb to good news.  However, if we were to try to predict the meetings forecast for 2012, what would it be?

We decided on Partly Cloudly with a Hint of Optimism. Why?

PARTLY CLOUDY:

In a San Franscisco Gate article we read, “Spending and hiring decisions have been put on hold, adding a further break on economic growth and negatively impacting job creation.” Ann Thorley-Brown on Cvent explains, job creation in the meetings and hospitality industry is one missed opportunity which could kick-start the economy. She includes valid points such as the U.S. Travel Association’s “U.S. Travel Plan” twhere they emphasize increased travel to the U.S. is the most effective form of economic stimulus and therefore could create 1.3 million jobs.

And, in the hotel industry overall, group travel rates continue to be sluggish according to Fox Business.

CHANCE OF SUNNY:

However, there is a hint of optimism. In the same Fox Business article, we found that the number of group travelers is going to increase along with leisure travelers; as demands increase, so will rates – great news for the hotel industry and the economy. The article states, ” Now that business travel is on the rise, it’s leading the industry’s rebound after a dismal two years of corporate travel-budget cutbacks… Average daily rates have only grown just 3.3% year-to-date, meaning there is room for substantial rate increases.”

 

SUGGESTIONS FOR A RAINY DAY:

In the Cvent article, Brown had an innovative suggestion “…to consider incentives and tax credit for companies that hold business meetings and corporate events of strategic significance at local event venues that are particularly vulnerable in a turbulent economy (e.g. local 3 and 4 star hotels, boutique hotels, and small inns).”

 

What do you think the meetings forecast should be like for 2012? Did you agree with our 2011 forecast?

Must-Reads in the Past Week: Optimism for the Meetings Industry & Tech Talk

Monday, May 16th, 2011

The long road ahead for meetings – are we too optimistic?

In the past week, what are the posts that were most resourceful, insightful or out-of-box thinking in the #eventprofs community? Also listed in this week’s edition are news articles for the meetings and events industry. Here’s the list of the TOP 5 we enjoyed:

  • Confronting Meeting and Event Planning Industry Challenges Head-OnIn this article, Anne Thornley-Brown indicates signs that another bumpy road is ahead for meeting planners including sky-rocketing gas prices, natural disasters, and more. Anne provides a few strategies to minimize dry spells and help current clients with cost-saving tips like scaling down to 4-star properties and host all events on-site. Other advice for meeting planning to acquiring new business: referral incentives to current clients, sharing relevant posts or blogs – to read more check out the post on Cvent.


  • Korea’s growth as a global hub for business events - Korea is currently in 15th place for global destinations and aims to be in the top-five convention city by 2015. Korea is making it’s mark as a host for global association meetings including the 22nd World Congress of Dermatology, the 20th World Congress of Gerontology and Geriatrics and the 2014 Congress of Mathematicians. Read about how Korea’s cultural attractions and traditions, high-tech and design-led focus on the future make it a strong competitor in the meetings industry globally and in Asia.


  • Meetings market confidence is on the rise and the outlook for the worldwide meetingsAnne Thornley-Brown’s post is the middle-ground to this article from IMEX and Korea’s growth as a global hub for meetings. IMEX’s article gives us hopefulness to a recovering recession in the meetings industry but is it too early to jump for joy? According to IMEX, “North American meetings industry buyers and suppliers found that optimism – and business levels – are higher than they have been for at least six months. The survey was conducted amongst 190 North American respondents (43% of whom were buyers*) during March this year. When asked if ‘demand for your services has grown during the past six months’, nearly 73% confirmed that it had, while only 9% felt they had seen no growth.


  • NYTimes Article on Lightening the Paper Load – Apps for tablet computers and smartphones lighten the paper load at conferences, meetings and more. Schedules, floor plans, local restaurants are some of the information meeting planners are including in the development of their apps. David Holcombe, CEO of eLearning Guild suspects he’ll save $50,000 in paper this year. With this amount of money saved, the nominal investment in app seems so minimal.  Presentation slides are among the most helpful sources for attendees. Read this NYTimes article in the link above.


  • High-tech meetings: Hot tools for planning corporate events – If you aren’t ready to develop your meetings app or would like some online tech tools to use in conjunction – check out these resourceful tips from Mark Phillips of Landry & Kling, cruise meetings and events specialist. Mark covers sourcing tools, attendee registration tools (no mention of Eventbrite though), video-web conferencing tools, and programs for web-diagramming. Check out the Znet article above for helpful tips to meeting tech tools.

What were your favorite reads for the week? Were you able to gain new insight from any of these posts? Let us know.