Barcelona. The annual EIBTM Global Industry Trends and Market Share Report was launched at EIBTM in Barcelona. The report compiled by Rob Davidson, EIBTM Industry Analyst, identifies the key trends for the meeting and incentives markets over the past 12 months and provides an outlook for 2011. Rob discloses from the report findings that “whilst for 2010 most economists were divided on whether the global recovery would grow, stall or even reverse, now at the end of the year there is talk about favourable prospects for global recovery albeit it slow and uneven. However, the vast majority of indicators for the meetings and events industry point to improved business conditions ahead in 2011.“Business barometers in 2010 have indicated that the industry continues its recovery apace indicating that current business conditions are better than a year ago. There is definitely a clear majority who feel optimistic about the future” he said.
Meetings and Events Industry Trends Overview
Corporate Meetings:
• A discernable relaxing in restrictions on business travel
• A resurgence in corporate meetings particularly in Europe – leading a net increase in meetings activity in 2010
• Buyers have become adept at driving down costs with tough negotiations
• Shorter lead times – from 30-45 days on average in US
• Continuing trend to avoid frills and the appearance of “lavishness” in meetings – more serious in their content
• Meeting spend is “seriously conservative, highly image conscious and focused on the basics.
Association Conferences:
• Associations predicting a lower onsite attendance in 2010
• Strong demand for educational content and sustainable meetings
• US domestic association conference market led the way in 2010
Incentive Travel:
• Market recovered slightly in 2010 – but less than the meetings sector
• Incentives have changed – to provide a well defined ROI
• Average number of nights per trip have fallen from 6.5 to 4
• Trips are less extravagant
• Destinations are primarily domestic or shorter haul international
• Growth in long haul is due to down grade of travel from business to economy class
• Every meeting now includes a business element e.g. discussions about corporate strategy and direction
• Predictions that procurement and purchasing involvement within incentives will increase in 2010
