Optimism in the business meetings and events sector is high,
with average event budgets on the rise, according to the Meetings Industry
Association’s (MIA) latest MIA Insights.
The latest edition of the association’s quarterly
benchmarking report has revealed that almost three quarters (74 per cent) are
confident in the future growth and sustainability of the sector – a slight increase
on sentiment reported in June.
This is supported by a decrease in typical event lead times,
now standing at 11 weeks, a reduction of five on the last report, while the
average event budget has risen by nearly £7,000 to a reported £34,534 per event.
Respondents are also witnessing an increase in enquiries from outside of the
region in which they operate, including a rise in overseas enquiries. This
suggests a greater appetite for business meetings and events travel – a
positive outlook considering international delegates spend more, stay longer,
and support the UK economy.
Despite this, just 6 per cent feel that the business
meetings and events sector is supported by UK government. Similarly, less than
a third (27 per cent) believe that new government policies will positively
impact their business.
Elsewhere, under a third (31 per cent) of respondents feel
that the upcoming changes to employment legislation will be beneficial for the
sector. Notable concerns raised include the proposed changes to zero-hour
contracts, which respondents believe will increase the risk of taking on new
members of staff while also challenging their levels of flexibility.
As organisations address depleted talent pools head-on,
working with what is available and accessible to them, over two-thirds (69 per
cent) have found that upskilling existing staff is helping to mitigate staffing
shortages within the sector. More than half (58 per cent) feel they now have
effective training programs in place to develop their workforce, with most (79
per cent) utilising external training resources to facilitate this.
MIA chief executive, Kerrin MacPhie, said: “While confidence
in the sector’s growth is bolstered by rising event budgets and increased
enquiries from overseas, there remains a clear call for greater government
support. This includes no-cost advocacy support, addressing ongoing recruitment
challenges and tackling staff shortages that have long been well-documented.
“Despite the demands of incoming Employment Law changes,
which further reinforce these challenges, the sector's ability to adapt and
evolve, along with its commitment to upskilling the workforce, provide optimism
that it will continue to navigate these issues. However, with government
intervention, the opportunities are significant. It is vital that these concerns
are considered."
The November 2024 MIA Insights can be downloaded here:
https://mia-uk.org/Insight-Surveys
