Balance and belonging should be the focus
for the sector as it continues to recover and drive strategic growth in 2024, according
to a new report from hospitality group Accor.
Meeting Expectations: The Future of
Meetings & Events addresses the transformation that the sector has
undergone in recent years and explores the fundamental shifts affecting the
industry as it continues to evolve and recover.
“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,” said
Sophie Hulgard, chief sales officer at 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.”
Fresh challenges
The report says that the sector’s audience is
expected to rise far beyond its 2019 peak in years to come, bringing fresh
challenges and opportunities that will alter the way events are booked, planned
and executed.
“The total global meeting industry
worldwide is forecast 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.”
The data reinforces this predicted growth
trajectory:
- 78 per cent of respondents said
that their or their clients’ expenditure had increased since 2022, with 36 per
cent saying it had increased by more than 25 per cent.
- In 2024 the growth is expected
to continue with 80 per cent of surveyed experts expecting increased spend in
2024, with 30 per cent saying it would rise by more than 25 per cent.
- More than three-quarters (78
per cent) of respondent expect the number of small and medium sized meetings
(under 100 delegates) to increase next year, and the same number said they
expect the number of meetings of over 100 delegates to increase.
- More than half (57 per cent)
predict a rise in large meetings (over 300 delegates) to increase and 78 per cent
said it would be “very important” for their industry to attend exhibitions,
conferences and tradeshows in 2024.
- Reconfirming the value of
meeting in real life, 33 per cent of meetings planners expect in excess of 40
per cent more revenue from face-to-face meetings vs a virtual meeting, and the
majority, 80 per cent, would not be happy to use video-conferencing to close
deals in 2024.
The report reveals five trends expected to
shape the growth of the industry.
1/ Softer Productivity
The work hard, play hard ethos once
associated with business and events is changing in line with the demands of new
lifestyles.
• Key
Take-away: Balance purpose and productivity
2/ Selling Belonging
The meetings and events sector is all about
one thing: people. Human connection and fostering a sense of belonging are the
cornerstones of successful event design.
• Key
Take-away: Celebrate the human connection. Sell belonging.
3/ Designing Experiences
Event bookers are looking for a return on
their investment, but they are more than ever looking for ROX, a return on
experience.
• Key
Take-away: Create memorable experiences that forge meaningful connections
4/ Green Gatherings
Positive impact is the differentiator, and,
more than ever, the sector has the green light to drive change. Green
credentials are no longer a bonus for events – they will be a deciding factor
in who secures the business.
• Key
Take-away: Sustainability should be the first thought, not the afterthought
5/ Disruptive Technology
In-person conferences are now a vital way
of bringing together people who may only see one another through laptop
screens.
• Key
Take-away: Digital has reach. Face to face has value. Being in the room
matters.
“The meetings and events industry has
demonstrated its resilience, innovation, and adaptability,” said Karelle
Lamouche, chief commercial officer of Accor’s premium, midscale and 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.”
