MICE: 10 Business Meetings & Events Trends 2024
Artigo em Português — clique aqui / Follow MICE : INSIGHTS here.
In recent years I have been writing, engaging and sharing insights, best practices and trends about the #MICE Industry (MEETINGS, INCENTIVES, CONFERENCES and EXHIBITIONS), its recovery and what the future holds for business events. Recent research papers continue to support the segment’s recovery, growth and impact on global economic output at 2,5 trillion dollars. In fact, there are reports that #events are outpacing other industries, with a faster than predicted recovery, with regional markets having already surpassed 2019 levels and looking towards 2024 as a potential record market year.
In this article, we will cover the key meetings and event trends for 2024: from the rise in event costs and client’s budgets, how sustainability continues to impact supplier and destination selection, the expansion of personalized experiences among other relevant topics that can be utilized for market-ready action plans. Optimism on the events sector continue to be observed as in recent survey, as 90% of event planners indicated they will produce as many or more meetings in 2024 than the previous year.
Meetings and Events Trends for 2024:
1.Events Costs Expected to Continue to Rise > With the growth of events and global inflation, 85% of event planners expect costs to increase in 2024. While costs are expected to rise, 67% indicate that meeting spend budget is increasing with nearly half informing that cost-saving measures will predominately shape their event planning priorities in 2024. This shows that while corporate clients and event organizers are planning and budgeting for an increase in prices that clearing communicating the savings and unique value proposal of event services will be more crucial for winning new event RFPs. Food and beverage and hotel accommodation cost remain a concern for 60% of respondents with higher than expected quotes. Cost containment remains a top priority ranking 4.3 out of 5; 5 being extremely important.
2.Sustainability Being Utilized to Select Vendors > According to a recent survey 90% of consumers seek sustainable travel options. This opens a great space for all players in the events industry ecosystem not only to showcase their efforts in sustainable events in their field of activity, but also to leverage their best practices to win business. From hotels to venues, ground and air travel, food and beverage suppliers have an unique opportunity to drive the sector on energy efficiency, water conservation, plastic reduction among other activities. Achieving industry recognition on sustainability will highlight the proposal apart of competitors as this may influence sourcing decisions on meetings and events as 4 in 5 event planners have indicated that sustainability policies and certificates are being considered in suppliers and destination selection process. More articles on this topic can be found: Carbon Zero Events and Carbon Neutral Event Guide.
3.Bleisure Travel Opportunity for Events Incremental Revenue > bleisure travel poses a great opportunity for incremental revenue on the MICE segment. According to recent data, business travelers are indicating that they have extended a work related trip with a leisure stay. One of these reports show that 7 out of 10 business travelers ages 25–30 plan to extend work trips for mini leisure vacation and 44% of overall business travelers responded that they travel accompanied for their leisure portion of the trip, while 61% of travelers informed they would seek policy that supports a mix of personal and work travel, allowing extended stays and family members. These data show that there is a space for additional event revenue on offers related to accommodation on hotel stays, additional tickets for airlines during event peaks and destination services.
4.Event Personalization and Attendee Unique Experience > delivering personalized event journeys and increasing attendee experiences are top of mind on event planners and producers. In fact, this is already being reflected on the venue sourcing stage to increase events value and experience, 64% of organizers inform they will source unique event venues in 2024. Unconventional venues, from museums, to outdoor areas, design galleries, to name a few, that break the normal offer create an opportunity for a memorable and engaging experience for attendees. In addition, 41% shared that a preferred area of investment for increased budgets would be to improve onsite experience and 47% informing that their budget includes social activities for internal meetings and return on experience as a top priority ranked 4.4 out of 5; 5 being extremely important.
5.Digital Sales Suite of Event Solutions to Speed RFP > taking into consideration that staffing challenges — approximately 83% of respondents believe that staffing will have a notable impact on business development — have already shown its impact for RFP response — 78% of meeting planners indicating that they are not pleased with supplier response — the digital space can support and further enhance the interaction on different stages of the sourcing journey. B2B sales process, from first lead to contract award is being impacted by digital transformation. As 80% of B2B sales interactions between suppliers and buyers should occur in digital channels by 2025, by carefully planning the customer journey, to facilitate the needed information will certainly shift supplier selection. Today, half of planners already indicate that online is their preferred channel for booking simple meetings.
6.The Multi-Format (Omni-Events) > while majority of meetings for 2024 plan to have an in-person component, hybrid, virtual, and hybrid multi-hub (with app/virtual platform) still are forecasted to contribute to 38% of meeting formats, this is in fact an increase from last data showing 10pp growth on this indicator. Online, app, virtual platforms, metaverse, components have a lot of value to add in different stages of event lifecycle: pre; during and post-event. These tools have now pushed a convergence to multiple event formats — #omnievents — to maximize the #CX user experience with data and on-demand content rich, expanding the interaction beyond the single format use to lengthen event duration, building an online engaged event community and generating anticipation and excitement for future editions.
7.Health and Wellness Event Activities > in-person events, particularly conferences and incentives have shown to be a unique method to drive colleague retention, engagement and wellness. In fact health and wellness elements are being included on the overall event design canvas to break the screen and digital time of teams. Reducing session durations, purposely building recharge activities and team building moments can have an important impact of attendee event journey, several exhibitions and trade shows are opening spaces to wellness lounges, event morning races and yoga sessions are just a few examples of interactive moments in nowadays events. 40% of corporate event policies are including explicit language on health and wellness in different components.
8.Events Air Travel > while on the supplier side, 68% inform flight rates will be increasing and from the meeting planner side more than one-third (38%) indicate that group air rates were very or extremely influential on destination choice. An a new result show that for 66% of meetings air travel is being required for 2024 (of these 39% domestic and 27% international). With the recovery of events and business travel alike, 2024 is already showing a positive outlook for for air travel.
9.Flexible Contract Conditions Requests > In face of large challenges and barriers, relationship between solicitors and suppliers in the event ecosystem is paramount to foster a positive work environment. Today by working closely with selected global partners, meeting planner rewards programs can have a direct savings impact on the participant cost and further developing these partnerships can greatly impact on the total event satisfaction. In recent survey, 9 in 10 event organizers have mentioned that flexible contract terms continue to important factors when selecting business event suppliers.
10.Partnerships and Relationships > 33% of event professionals say rebuilding relationships will be one of the most prevalent trends impacting priorities in 2024. Event planning is a collaborative effort. With the rise in events requests, on some cases higher than pre-pandemic levels, loyalty and incentive schemes are essential for building continued collaboration and returning clients. Already today, large suppliers in attendee accommodation (hotel chains) and event participant transportation (airlines) have corporate contracts or incentive schemes that can drastically reduce attendee cost and reward organizers with extensive event calendars, well planned sourcing can have detrimental impact and 50% of meeting planners mentioned that incentives are important in the execution of events.
I hope you enjoy the article and find the content relevant! Share or comment below your views for meetings and events future! In case of suggestions or questions, inbox or comment below. For collaborations, contact via LinkedIn inbox. Join our MICE Group here.
About the author: Thadeu is specialist in Sales, Hospitality and Events-MICE, has organized over 3.500 events and several countries and has 20 years of experience having worked in London, Dubai, Geneva, Portugal, São Paulo and Doha; he has graduated in International Hospitality Management and Events Specialist from Swiss Hotel Management School and in the United States has achieved a Business Administration Degree from Northwood University.
Sources:
Cvent: https://www.cvent.com
CWT: https://www.cwt-meetings-events.com
BCD: https://bcdme.com
Events Council: https://eventscouncil.org/Leadership/Economic-Significance-Study
Northstar: https://ik.imgkit.net/3vlqs5axxjf/NMG/uploadedfiles/NMG-Cvent-PULSE-Survey-October-2023.pdf
UFI: https://www.ufi.org/wp-content/uploads/2023/07/31st_UFI_Global_Barometer_July_2023.pdf
AmericanExpress: https://www.amexglobalbusinesstravel.com/meetings-events/
Bizzabo: https://www.bizzabo.com
Hospitality Net: https://www.hospitalitynet.org/opinion/4114871.html
