Meetings and events trends to watch in 2018

The overall cost per attendee per day for meetings and events around the globe increased in 2017 and is expected to continue rising next year, according to the 2018 Meetings and Events Future Trends report by CWT Meetings & Events (CWT M&E).

The report shows the regional differences and cost projections as well as the latest industry trends and top destinations.

“Costs are rising in key M&E markets, globally,” said Cindy Fisher, Senior Vice President and Global Head, CWT M&E. “With a 3.7 percent increase in hotels and 3.5 percent rise in air fares projected for the coming year, that trend is likely to continue.”

The global airline industry’s capacity is expected to grow by seven percent in 2017 and six percent in 2018. The segmenting of air fares is broadening the appeal to travellers as they are able to purchase from options including a basic economy restricted by or various upgraded fares, with specific service options.

As for hotels, there is a progressive push from suppliers to move corporate buyers away from fixed, negotiated hotel rates and toward dynamic rate pricing.

Trends and tips to improve M&E in 2018:

Going beyond statistics to the root of what it means to hold a meeting or event, this report also explores the latest industry trends and recommendations, the top five being:

1. Focus on ‘Why’ – Set clear objectives from the start and use them to define your budget. Put a major emphasis on attendee engagement and then measure.
2. Budget – Always start with the value the meeting or event can generate. A clear ROI for all to see is key to continued investment and successful meetings.
3. Attendee experience – Make the whole process as simple as possible.
4. Technology – Use technology to make conversations easier, and create user-friendly personalized attendee experiences.
5. Safety and security – Plan in line with the amount of risk for each situation for both physical and cyber security, and do not inconvenience attendees.

Asia Pacific

The cost per attendee per day for meetings and events in Asia Pacific increased by 5 percent in 2017. Prices aren’t changing very much in Asia Pacific, for either hotels or air fares, with increases of 3.5 percent and 2.8 percent respectively.

Hotels largely remain the venues of choice across most of the region, particularly in China where new hotels open every week.

Australia and New Zealand are outliers in the region in this respect as they haven’t seen much hotel development recently so there is more demand for unique venues.

Despite ever-increasing hotel stock in China, prices are set to continue to increase because of demand from both business and leisure travel.

According to Cvent data, the top 10 choice destinations for meetings and events in Asia Pacific in 2017 are:

1. Singapore
2. Sydney, Australia
3. Bangkok, Thailand
4. Kuala Lumpur, Malaysia
5. Hong Kong
6. Shanghai, China
7. Melbourne, Australia
8. Tokyo, Japan
9. Mumbai, India
10. Seoul, South Korea

Overall in APAC, security is limiting people’s desire to travel as Indonesia, Malaysia, the Philippines and Thailand all have some geopolitical challenges. Despite the threats, Thailand’s government is working hard to encourage people to continue coming, and the increasing number of visitors shows the impact local authorities can have.

China’s hotels are both innovative and hungry for business, with lots of different players and many hotel chains. The Chinese government’s policy of only using local hotels has further pushed down prices, which, combined with a relative absence of security concerns, has made China a good location for meetings and events.

Singapore remains a hub for meetings because of its abundance in relevant space and excellent air links. South Korea and Vietnam are emerging destinations especially as Pyeongchang, South Korea will be hosting the 2018 Winter Olympics next year.

Taiwan is also on the way up, though harder for Chinese citizens who need a special permit to travel there; that restriction will mean hotel prices remain stable, even though new hotels are opening, which is always a driver.

Tokyo has higher costs than other areas of Japan, even though it has great connections. Kyoto, Okinawa and Osaka are growing in popularity, particularly for people from APAC because there are direct flights.

For more data and insights on other regions worldwide, download the full 2018 Meetings and Events Future Trends report here.

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