According to respondents to the Meetings Industry Association’s (MIA) latest research on the real state of the economy, released this week, 100% of corporate and government buyers claim their own organisations have begun to see signs of the economic recovery expected to end the recession. Encouragingly 60.6% of all respondents, which include venues and buyers, recognised the signs of recovery in their own business…
According to respondents to the Meetings Industry Association’s (MIA) latest research on the real state of the economy, released this week, 100% of corporate and government buyers claim their own organisations have begun to see signs of the economic recovery expected to end the recession. Encouragingly 60.6% of all respondents, which include venues and buyers, recognised the signs of recovery in their own business.
The report is the fourth in an ongoing series from the MIA on the ‘Actual Impact of the ‘Credit Crunch’ on the Conference and Events Market’ and also reveals the performance of the industry across a number of indicative factors and highlights emerging trends in each sector.
The report is sponsored by the Confex Group and was conducted during October and November 2009. The survey results detail the performance and predicted performance of the industry over the prior six months and next six months, as forecast by individuals representing venues and buyers from all sectors of the industry.
The Greatest Challenges
The autumn survey also reveals that as the recovery progresses, 37.2% of respondents felt the greatest challenges will be increasing yield, while 15.3% felt that the greatest challenge would be achieving value for money for clients. Indeed, the importance of delivering value for money for clients featured prominently across respondents’ answers to several questions and was sighted as the highest priority when selecting venues by 69.4%.
Consistent with the findings of the three previous reports, the fourth confirms that lead times continue to shorten, 87% of respondents claiming this to be the case; 74% state that lead times are now between 2-8 weeks.
“With this series of reports developing, we’re receiving an ever clearer picture of how the recession has affected the meetings industry and are beginning to see how it will recover” comments Jane Evans, MIA Chief Executive, “The opportunities to win business are expected to grow in 2010 and the MIA is working to prepare our members and ensure they are well positioned to achieve maximum success.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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