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Ongoing research conducted by the Meetings Industry Association (MIA) on a quarterly basis over the past three years has revealed some surprising upward trends in key performance indicators for the meetings industry. The MIA began publishing its Pathfinder research in autumn 2008 to track changes in the industry following the credit crunch and subsequent downturn, so that its members would have a reliable tool on which to base business decisions. The most recent Pathfinder report was published in May 2011 and is available from the MIA.
Volume increasing
Looking back to the start of the research period, the volume of events taking place was low. Each quarter respondents were asked whether they had seen an increase or decrease in volume across three types of meeting; Day Conferences, 24-hour and Events. Although different for each, the percentage seeing an increase in the volume of events began at around 20-24%. As the chart below shows, this has steadily grown through 2009-2010 and in the first quarter of 2011, we see it reaching 37%.
Delegate Numbers on the Rise
Along with meeting volume increases, delegate numbers appear to be improving, which suggests we are seeing more meetings and events with more delegates in attendance. In 2010, the number of respondents citing increases in numbers greater than 10% across all three meeting types began at around 15-22% and reached 36% for Day Conferences by 2011, although there is an indication that Events, such as product launches and gala dinners, have dropped off again in the first quarter of 2011.
Staffing Level Confidence
The growing strength of confidence in staffing levels from the beginning of the research period until now is undeniable. While those that predict it will stay the same has remained fairly constant throughout the research series, the difference between those expecting it to decrease and those expecting an increase is stark, with a sharp rise in the latter and steep fall in the former. The percentage predicting an increase started at 8% in 2009 and is now 28%. The percentage predicting a decrease began at 31% and is now 14%, as shown in the chart.
Considering the research series findings, Jane Longhurst, MIA Chief Executive said, “While the industry is still facing challenging trading conditions, particularly in the public sector, this steady improvement in these key performance figures is encouraging, and leaves much room for optimism. Our Pathfinder survey is designed to drill down and uncover the true state of the industry. Along with these positive findings for volume, delegate numbers and staffing levels, the report has interesting revelations across a broad range of significant market factors including average rates achieved, which sectors are in recovery and what the greatest challenges the industry faces in the future are. With this promising change in outlook, we look forward to the quarter two results which will be published by the MIA next month.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
