Business events grew in 2019; effects of Covid-19 in 2020 remain to be seen: PCMA

The meetings sector did well for 2019, but 2020 will most likely bring about a decrease

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.

“Most survey participants expected continued growth in 2020,” said Convene editor in chief Michelle Russell. “However, 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.”

The meetings sector did well for 2019, but 2020 will most likely see a decrease

“While nearly nine out of 10 respondents reported that it was more difficult for potential registrants to obtain visas in 2019 than 2018,” Russell said, “that might not be the greatest of their challenges when it comes to international attendance in 2020.”

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 year’s survey, and 43% said they’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.

Sponsored Post