CWT’s 2017 Meetings & Events Forecast Predicts Event Growth
Forecast defines safety, security and technology as trends for the year ahead
AMSTERDAM | 31 OCTOBER, 2016
CWT Meetings & Events, launched its 2017 Forecast today. CWT uses data and insights about all aspects of the industry to provide meeting planners essential information they need to successfully plan and budget for the coming year.
From a global perspective, analysts predict GDP growth will be slightly lower in 2017, so now is the time for planners to get the very best value for money and reduce the cost per attendee. Although, there may be decreased client meeting spend in some regions, this year’s forecast still predicts the industry will see overall growth.
“Heading into 2017, our forecast predicts significant growth in meetings and events for regions around the world,” said 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 optimize their meetings and events and produce better results.”
Key findings from this year’s forecast suggest:
- North America will move to a buyer’s market with hotel supply expected to surpass demand for the first time since 2009. Be flexible with destinations and dates to take advantage of this market change.
- In Brazil, hotel rates are expected to decrease as the recent World Cup and Olympic Games created a solid infrastructure and a supply surplus.
- For Asia Pacific, costs per attendee and group size are expected to grow with a 25% increase in the number of meetings.
- In Europe, strict company guidelines, reduced budgets, saving targets and increasing industry regulations for buyers could benefit midscale hotels poised to get more M&E bookings.
M&E trends around the globe:
- Food and Beverage: Prices are expected to rise globally. Why? Increased production prices, changes in imports and exports, and growth of special dietary requests from attendees.
- Safety and Security: Expanding deeper into M&E. How? Beyond traditional tracking of air travelers, to include manifests of all meeting attendees, to facilitate emergency planning.
- Virtual Attendance: Increasing use across M&E functions with technology that enables remote attendees to engage and participate with two-way interaction capabilities.
Tips to improve M&E in 2017:
- Advance Strategic Meetings Management Program
- Focus on the strategy, not the tactics and big impact areas.
- Consider outsourcing components of your program to accelerate development and add outside expertise, especially venue sourcing.
- Optimize Technology
- Re-examine your technology use to ensure support and value for your organization and M&E objectives.
- Implement Small Meetings Strategy
- Using transient spend with your small meetings program can maximize program benefits and cost.
The information and findings in the 2017 CWT M&E forecast supplement are based on:
- The market-specific expertise and travel industry knowledge of CWT M&E personnel worldwide and spend data from the CWT global client portfolio
- The global study, Driving Success in Strategic Meetings Management, conducted by CWT Travel Management Institute (TMI) in partnership with the BTN Group. The study provides unique insights into how to set up and grow a successful SMM program based on practical advice from experts in the field. Visit CWT online for the full publication
- Macroeconomic and industry information as indicated
About CWT Meetings & Events
CWT Meetings & Events is where ideas meet results—the meetings & events division of CWT, the world’s leading business travel and meetings management company. We are a global, full-service, award-winning meetings and events agency with unparalleled experience, providing innovative, effective, end-to-end strategic meetings and event management services. With more than 1,400 event specialists in 68+ countries, we back up our expert local knowledge with global resources.
CWT Meetings & Events drives industry-leading innovation and delivers more than 27,500 creative, high-quality events for customers from all industry sectors each year. Our creative know-how helps us to deliver awe-inspiring events, while our logistics expertise helps ensure quality group travel, compliance, and meeting services. In all areas, we strive to save our clients time and money while providing the highest quality service.
For more information about CWT Meetings & Events, please visit our website at www.cwt-meetings-events.com or follow us on Twitter @CWT_ME.
CWT is a global leader specialized in managing business travel and meetings and events. CWT serves companies, government institutions and non-governmental organizations of all sizes in nearly 150 countries and territories. By leveraging both the expertise of its people and leading-edge technology, CWT helps clients derive the greatest value from their travel program in terms of savings, service, security and sustainability. The company is also committed to providing best-in-class service and assistance to travelers. In 2015, sales volume for wholly owned operations and joint ventures totaled US$24.2 billion. As part of its commitment to responsible business, CWT is a signatory of the United Nations Global Compact Ten Principles. For more information about CWT, please follow us on Twitter @CarlsonWagonlit and LinkedIn.
Fredrika Rylander, CWT Global Media Relations
+ 41 79 205 23 47
Taylor Aaron, CWT Global
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+ 1 262 565 3760 (mobile)
CWT/BTN Group Research: 96% Rank Strategic Meetings Management As Successful
AMSTERDAM | 30 JUNE, 2016
Companies that have implemented a program for the strategic management of meetings say their programs are successful, though they also say there is still more work to do. The key benefits of an SMM program are greater transparency of spend, cost reductions, improved compliance, risk mitigation and, ultimately, improved effectiveness of their meetings and events. This is according to a new global study, released today by CWT and The BTN Group.
Driving Success in Strategic Meetings Management, based on both quantitative and qualitative research, highlights the clear benefits of strategic meetings management (SMM) programs. However, it also shows that the market remains immature.
More than half of the respondents said they had made 10 percent savings from their SMM program, with a further 17 percent of respondents saving more than 15 percent.
The research found that many factors go into the make-up of a strategic meetings management program, making each one unique. There is a perception that the lack of a standard is because SMM is complex. However, SMM programs are in fact ultimately flexible and are tailored to each company’s specific requirements. Over 60 percent of the survey respondents outsource an element of their SMM program, be it tactical support or consulting services for example, which also helps simplify the path to success.
Kari Wendel, Senior Director of Global SMM Strategy & Solutions at CWT’s CWT Meetings & Events line of business, said, “What we found is that practically everyone who runs a strategic meetings management program defines their program as successful. All the experts agreed that a strategic meetings management program doesn’t have to be complicated and the returns can come very quickly. The advice that emerged from our research is that if you’re starting out, it’s a question of keeping it simple and focusing on strategy: tactical implementation will follow quickly. Don’t be too ambitious to begin with, demonstrate value and then grow. And the absolute key is to identify your stakeholders early on and get their buy-in.”
While there are many components to SMM, strategies typically start with centralized sourcing and contracting of hotel suppliers. This is where much of the cost transparency and saving arises. The study showed that cost transparency and reduction is seen as the most important success metric, followed by attendee and sponsor satisfaction and regulatory compliance.
One of the main barriers to implementing an SMM program is volume: a significant number of survey respondents felt they did not have enough meetings to justify a program. However, the benefits can be realized by companies that spend as little at US$1 million on meetings each year. Over 70 percent of respondents with a program are looking to expand it, clearly demonstrating the value of SMM programs.
Cindy Fisher, Vice President of CWT Meetings & Events at CWT, said, “We also looked to the future and found that there will be integration of SMM programs with marketing and events programs. Continuing industry consolidation is also going to have an impact. Bigger hotel groups, for example, will make it harder for companies without a strategic approach to negotiate good rates, or even perhaps secure space. What is abundantly clear is that an SMM program is rapidly becoming a necessity.”
CWT and The BTN Group interviewed with more than 20 travel and meetings management experts and SMM professionals. In addition, 246 meetings planning professionals, from multiple regions of the world, completed an online survey.
Discover or download the report Driving Success in Strategic Meetings Management now.
CWT is a global leader specialized in managing business travel and meetings and events. CWT serves companies, government institutions and non-governmental organizations of all sizes in more than 150 countries and territories. By leveraging both the expertise of its people and leading-edge technology, CWT helps clients derive the greatest value from their travel program in terms of savings, service, security and sustainability. The company is also committed to providing best-in-class service and assistance to travelers. In 2015, sales volume for wholly owned operations and joint ventures totaled US$24.2 billion. As part of its commitment to responsible business, CWT is a signatory of the United Nations Global Compact Ten Principles.
For more information about CWT, please visit our global website atwww.carlsonwagonlit.com. Follow us on Twitter @CarlsonWagonlit