Corporate meetings account for the bulk of the rebound as remote work drives the need for team gatherings. Photo Credit: Adobe stock/Rawpixel.com
If you enjoyed 2023, you are going to love 2024. That is the
underlying message driving industry predictions for the coming year,
which are bursting with positivity and great expectations.
Confidence among meeting professionals is notably stronger this year
than last, according to American Express Global Business Travel: 82% of
respondents to the 2024 Global Meetings & Events Forecast are
optimistic about their business - 5% points higher than the lofty level
of a year ago.
Planner sentiment in North America is strong, too, according to the
Northstar Meetings Group/Cvent Meetings Industry PULSE Survey. Although
optimism has softened a bit since earlier this year, nearly half of
respondents to the September/October survey (49%) were more optimistic
than they were just six weeks prior, with 34% retaining the same level
of optimism over that period. Planners clearly are anticipating a
favourable 2024.
Attendance makes a quick rebound
Optimism is reflected across a variety of metrics, including
attendance. Seven out of 10 meeting professionals globally expect their
2024 participant numbers to meet or exceed 2019 figures, found the Amex
GBT forecast, which surveyed more than 500 meeting professionals. More
than a quarter report they have already achieved pre-pandemic attendance
levels for their events this year, representing a faster return to
“normalcy” than many predicted.
North America is leading the pack in attendance expectations, with a
full 77% projecting a return to 2019 levels next year, per Amex GBT. A
third of planner respondents to the most recent Northstar/Cvent PULSE
Survey expect 2024 attendance to exceed this year’s, with 8%
anticipating gains of 10% or more.
Projections vary based on event type. Internal team meetings and
client/customer advisory board meetings lead the way for attendance
gains, with 42% of planners expecting increases in those categories,
respectively, according to Amex GBT.
Next up are incentives and special events, for which 38% expect
higher attendance. Larger events will draw more attendees, too: more
than a third of respondents globally (35%) expect more people at their
conferences that have trade shows.
Volume is closing in on 2019 stats
It is not just crowd size that is growing; the number of events is
approaching pre-pandemic figures, too. As of late September,
year-to-date event volume reached 90.1% of the comparable 2019 mark,
according to Knowland, which provides venue data and analytics.
Knowland has been tracking the gradual recovery of meetings volume
since Covid restrictions relaxed, and the gap is closing quickly.
“Meeting demand is surging as organisations see value in face-to-face
events,” noted CEO Jeff Bzdawka. “We expect the overall meetings
industry to be operating at 2019 volumes or above by the end of Q1
2024.”
The pace of recovery differs by destination, but even places that
have been slower to bounce back are making significant progress. “While
some markets will take longer to fully recover, demand for group will
continue to grow, providing the strong revenue foundation needed by
hoteliers as transient and leisure business plateaus,” said Bzdawka.
Corporate meetings rebound
Corporate meetings account for the bulk of the rebound, according to
Knowland, as remote work drives the need for team gatherings. In Q3
2023, 70% of the meetings held drew an average of 200 attendees or
fewer, according to the Hospitality Group and Business Performance Index
produced by Knowland and Amadeus. More than one-fifth had between 100
and 200 participants.
Looking ahead to 2024, planners expect a rise in meetings volume
across the board, particularly for small- and medium-sized gatherings,
according to a report from global hotel giant, Accor. Its Meetings &
Events Industry Forecast Survey found that 78% of 70 high-level
planners with established meetings programmes expect to hold more events
for fewer than 100 attendees, and an equal percentage anticipate more
meetings for 100 to 300 attendees. More than half (57%) also predict a
rise in large events for more than 300 attendees.
Source: Northstar Meetings Group