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A brand new report from Accor has revealed a necessity to give attention to stability and belonging as the international meetings and events sector continues to get better and drive strategic development for 2024 and past.
The report, titled “Meeting Expectations: The Future of Meetings & Events” addresses the transformation that the M&E sector has undergone in recent times and explores the elementary shifts impacting the trade because it continues to evolve and get better.
“The global business landscape is undergoing a profound transformation. The way we live, work, and interact has been reshaped over the last few years, and the ripple effects of these changes have created new opportunities in the meetings and events industry,” says Sophie Hulgard, Chief Sales Officer, Accor. “The pandemic was a defining moment for the industry. We were thrust into a world of virtual gatherings, with in-person events grinding to a halt. Yet, we adapted and evolved. That evolution continues today and the one thread that connects all the trends we forecast is the human connection. Today, more than ever, it is about the human need to meet, share and thrive.”
Coming out of the pandemic there have been fears that the events trade may battle to reclaim its viewers. Today that viewers has largely returned and is predicted to rise far past its 2019 peak in the years to return. This is nice information for the sector however it additionally brings contemporary challenges and alternatives that can alter the means events are booked, deliberate and executed.
“The total global meeting industry worldwide is forecast1 to be worth $1.78bn by 2030,” added Hulgard. “That’s because being in a room with people matters – it’s powerful and it’s valuable.”
Accor’s Meetings & Events Industry Forecast survey information reinforces this predicted development trajectory. 78% of respondents mentioned that their or their shoppers’ expenditure had elevated since 2022, with 36% saying it had elevated by greater than 25%. Looking to 2024 the development is predicted to proceed with 80% of surveyed consultants anticipating elevated spend in 2024, with 30% saying it might rise by extra than 25%.
According to the Accor analysis, continued development is forecast throughout all assembly and occasion sizes in 2024. Three-quarters (78%) anticipate the variety of small and medium sized meetings (below 100 delegates) to extend subsequent 12 months, and the similar quantity mentioned they anticipate the variety of meetings of over 100 delegates to extend. More than half (57%) predict an increase in massive meetings (over 300
delegates) to extend and nearly three-forth (78%) mentioned it might be “very important” for their trade to attend exhibitions, conferences and tradeshows in 2024.
Reconfirming the worth of assembly in actual life (IRL), 33% of meetings planners anticipate in extra of 40% extra income from face-to-face meetings vs a digital assembly, and the majority, 80%, would not be comfortable to make use of video-conferencing to shut offers in 2024.
The new Accor report, “MEETING EXPECTATIONS: THE FUTURE OF MEETINGS & EVENTS” reveals 5 trends anticipated to form the development of the trade.
1/ “Softer Productivity”
The work arduous, play arduous ethos as soon as related to enterprise and events is altering in step with the calls for of recent life.
- Key Take-away: Balance function and productiveness
2/ “Selling Belonging”
The meetings and events sector is all about one factor: folks. Human connection and fostering a sense of belonging are the cornerstones of profitable occasion design.
- Key Take-away: Celebrate the human connection. Sell belonging.
3/ “Designing Experiences”
Event bookers are trying for a return on their funding, however they’re greater than ever trying for ROX, a return on expertise.
- Key Take-away: Create memorable experiences that forge significant connections
4/ “Green Gatherings”
Positive influence is the differentiator, and, greater than ever, the sector has the inexperienced gentle to drive change. Green credentials are now not a bonus for events – they are going to be a deciding think about who secures the enterprise.
- Key Take-away: Sustainability needs to be the first thought, not the afterthought
5/ “Disruptive Technology”
In-person conferences are actually an important means of bringing collectively individuals who might solely see each other by laptop computer screens.
- Key Take-away: Digital has attain. Face to face has worth. Being in the room issues.
“The Meetings & Events industry has demonstrated its resilience, innovation, and adaptability,” concludes Karelle Lamouche, Chief Commercial Officer of Accor’s Premium, Midscale & Economy division. “The trends outlined in this report stem from the DNA of the sector – face to face business matters. The human connection goes with commercial success, it makes business stronger. As the industry continues to drive recovery globally, it is the commitment to forging meaningful connections, being a catalyst for commercial and cultural growth and creating a sense of belonging that will ensure the sector exceeds its forecast growth. Travel is back, and, for the M&E sector, it’s belonging and balance that will drive the bottom line in 2024.”
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