The Meetings Industry Association (MIA) reports positive revenue forecasts and increased future business for the sector, but stresses the need to prepare for Martyn’s Law. While 73% of organisations expect revenue to increase in 2024 and 59% have more confirmed future business, overall costs have risen by 14%, with 87% increasing prices by 10.5%. Despite these gains, concerns remain, with average lead times reduced to 11 weeks due to factors such as rail strikes, costing an average of £37,413 per organisation in lost business. Vacancies remain a challenge, with 72% reporting vacancies despite a 49% increase in the size of the workforce. Only 15% of organisations are offering returnerships, while 47% are taking on apprentices to fill shortages.

Only half of respondents feel prepared for Martyn’s Law

Looking ahead, only half of respondents feel prepared for Martyn’s Law, a concern echoed by Figen Murray OBE, who advocates for a robust safety culture. In addition, the industry’s adoption of artificial intelligence (AI) is still in its infancy, with 87% not utilising its capabilities, using it primarily for copywriting and image generation.

Kerrin MacPhie, CEO of the MIA, acknowledges the positive financial outlook but stresses the importance of addressing ongoing challenges, including the impact of rail strikes and the impending Martyn’s Law. The MIA is committed to supporting the sector through events and guidance, including AI training, and promoting government initiatives such as returnerships.

To download the report, visit https://www.mia-uk.org/Insight-Surveys