Now’s the time for planners to secure the best deals for next year, according to Carlson Wagonlit Travel (CWT), whose 2017 Meetings and Events Forecast predicts event industry growth against lower global GDP growth.
“Heading into 2017, our forecast predicts significant growth in meetings and events for regions around the world,” says Cindy Fisher, vice president and global head, CWT Meetings & Events.
“By being flexible with timing and destinations, planners can take full advantage of the current market to optimise their meetings and events and produce better results.”
The forecast states that analysts have lowered their global GDP growth estimates, from earlier prediction 3.5 to current 3.4 per cent.
Other findings:
Asia Pacific forecast
- 25 per cent meetings increase: causing 3 per cent rise in costs per attendee and 5 per cent growth in group size.
- Strategic Meetings Management (SMM) expansion: SMM gaining adoption in China and Singapore, as meeting planners realise 12-20 per cent cost savings with end-to-end meeting solutions. Asia remains one of the least mature regions globally, however.
- Pharma companies driving meeting and event trends.
- Shanghai region’s biggest hotel developer: 10,152 rooms under construction in 39 hotels.
- Marriott/Starwood merger to more than double hotelier’s presence in Asia
- Global companies to deploy more globally consolidated service options: including sourcing and event attendee engagement (including the use of social media and ROI/ROE/ROO strategies and analysis).
Global trends
- Rising F&B prices: caused by an increase in production prices, changes in imports and exports, and an increase in attendee requests for special dietary options, including gluten-free, low-cholesterol, low-carb, vegetarian and vegan.
- Technology and virtual attendance: the seamless integration of business travel and meetings business is likely to become a reality, through the streamlining of travel itinerary with onsite meeting app functionality. Virtual attendance expected to increase, with technology that enables remote attendees to engage and participate with two-way interaction capabilities.
- Security: Beyond traditional safety tracking of air travellers, buyers are including manifests of all meeting attendees to facilitate emergency planning.
Destination insights
- Shanghai and Hong Kong have increasing ADRs (average daily rates).
- Weak currencies account for Sydney being cheaper than previous years, and hotel rates in Kuala Lumpur proving competitive.
- Some of the region’s least expensive regions include Beijing, Hanoi, Ho Chi Minh, Jakarta and Bangkok.
- Despite being one of the more expensive cities, Singapore continues to attract for its security, political stability and international connectivity.
- Bangkok is experiencing less demand due to recent events.
