According to the 29th Meetings Market Survey by PCMA’s Convene magazine, meeting attendance continued to increase in 2019, as the business events industry experienced yet another year of consecutive growth.
â€śMost survey participants expected continued growth in 2020,â€ť said Convene editor in chief Michelle Russell. â€śHowever, when they responded to the survey in November of 2019, there was no hint of the Covid-19 epidemic, the effects of which are now being felt by the global business events industry.â€ť
â€śWhile nearly nine out of 10 respondents reported that it was more difficult for potential registrants to obtain visas in 2019 than 2018,â€ť Russell said, â€śthat might not be the greatest of their challenges when it comes to international attendance in 2020.â€ť
Consider the results of the survey as a snapshot of the business events industry at a point in time before the coronavirus outbreak:
- Meeting professionals who participated in the survey reported attendance at their largest meeting grew by four per cent in 2019.
- Meeting budgets in 2019 grew on average by nearly two per cent and 40% of respondents said they expected to plan more meetings in 2020.
- In spite of the difficulty in obtaining visas for potential registrants, 16% of respondents reported that the number of international attendees at their meetings increased. 63% reported no change.
- 24% reported a nett profit from conventions and meetings of at least US$1 million. 15% reported a net loss or broke even.
- Budgets topped the list of job challenges with 63% reporting they have been asked to cut back on F&B spending, the same as in last yearâ€™s survey, and 43% said theyâ€™ve been asked to reduce AV expenses.
This survey’s responses were collected from 867 association, corporate and independent meeting planners.
To access the full report, click here.