THE latest 2016 Meetings and Events Forecast published by CWT Meetings & Events is taking on a tone of cautious optimism in its business prediction for the new year ahead.
The fourth edition of the annual report expects Asia-Pacific to see the largest rate of growth globally, compared to other regions. Group sizes are expected to grow by 11 per cent, whie the cost per attendee per day is forcasted to rise by five per cent.
While the unpredictable economy in Asia-Pacific could cause challenges in the region, stronger demand from China and India could drive up group size and prices.
Other key findings from around the world include:
- High demand for meeting venues in North America is exceeding supply, resulting in a sellersâ€™ market
- In Europe, buyers are gaining greater negotiating power as the region sees slow but steady growth
- Pockets of high demand will be created around the Rio 2016 Olympics and Paralympic Games next summer, resulting in a potential shortage of meeting space in the destination
Bearing its forecast in mind, the report has dished out a range of practical tips for meeting planners. It advises meeting planners to plan ahead, as some hotels in high-demand destinations will no longer hold space when responding to availability requests; to adjust F&B patterns to manage budget while promoting healthy alternatives that remain popular with attendees; and to increase lead time for larger events which will give meeting planners greater negotiating power.