Business events strategists for Asia-Pacific will get their first comprehensive study of market behaviour and trends, in a project that has claimed will lead to a transformation in the industry after it becomes available later this year.
This announcement was made by Melbourne Convention Bureau’s CEO Karen Bolinger on Monday, ahead of the start of AIME (Asia-Pacific Incentives and Meetings Expo) which gets underway at the Melbourne Convention and Exhibition Centre today.
“Business events have grown in scale and sophistication throughout Asia-Pacific,” said Bolinger. “And there are many anecdotal observations. But there is also minimal hard data to fully understand the challenges, opportunities, and the new business models that are likely to emerge in this growth sector”.
It was disclosed to TTGmice that the MCB will partner with PCMA Education Foundation and other researchers to launch both qualitative and quantitative studies that will investigate five key areas. These include current challenges faced by the sector, plans for future proofing businesses, issues for business events strategists, key criteria for future destination selection, and emerging business models for the region. It will also provide tools meetings professionals can use to integrate findings into their future event planning.
Bolinger said Melbourne’s success in growing its business events industry was the catalyst for their interest in creating the project. It comes off the back of securing significant bookings last year, including Spine Week 2020, the Annual Meeting of the International Continence Society 2021 and the General Assembly and Congress of the International Union of Crystallography 2023. Together they will bring more than 6,400 delegates worth A$48 million (US$38 million) in economic contribution.
Bolinger also added there’s now unprecedented support for business events in Melbourne from the Victorian state government.
“Business events are now written into two government portfolio strategies across seven industries. This is really good news for our clients because they can be confident of government support for their events,” she shared.
The MCB achieved its strongest results in financial year 2016/17 from its previous five years, earning A$321 million in economic impact.
