CHICAGO — International meetings of professionals (MPI) has released its meeting outlook for winter 2023, which reports growing demand for face-to-face events and other positive signs for the trade fair and events industry that signal its strong comeback.
The quarterly report, which focuses on new trends and innovations, reveals that business forecasts are positive: 85% of respondents anticipate a favorable environment for next year and 37% expect business conditions to improve by more than 10%. Another optimistic finding: 49% of respondents reported an increase in full-time hiring, indicating that vacancies are being filled.
Expectations for in-person attendance are high, with 82% of respondents expecting attendance to trend favorably and virtual attendance to decline. This is consistent with Trade Show Executive’s data on the 2022 Fastest 50 honorees, who as a group saw an average 88.2% growth in total attendance using a same-show comparison compared to 2021.
“The general sentiment among industry professionals is decidedly optimistic,” said Michael Pinchera, Editor-in-Chief of MPI. “When asked, ‘What are your organization’s expectations for business conditions for meetings and events over the next 12 months?’ 85% of respondents predicted a favorable environment in this latest report. When reflecting on the overwhelmingly positive results of this question, one must consider the magnitude of the pandemic’s impact on the industry. ‘There is no way forward but up’ comes to mind, as in-person events have all but disappeared and the recovery is still underway. By comparison, in the fall of 2019, only 45% of respondents indicated “favorable” conditions for the next year.”
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When it comes to DEI, 65% of respondents believe the meetings and events industry is inclusive and welcoming of diversity, and 71% said “diversity and inclusion are priorities for my organization.” However, 68% said the industry needs better DEI training and tools.
Despite the survey’s positive findings across many areas, challenges remain in terms of staffing and service, with 58% of respondents reporting they are struggling to recruit qualified staff. While this is down from previous quarters, the survey feedback reveals that staff shortages and lower levels of staff service and skills are being observed as the events and hospitality sectors recover from the exodus of professionals at the height of the pandemic.
“The key takeaway is that we are seeing continued optimism across many data points that a steady, healthy recovery is still underway,” Pinchera said. “One of the things that I find important and promising is when respondents expect their business to return to pre-pandemic levels. One-third of respondents say their business is already back to pre-pandemic levels, while 32% expect to do so by the end of the year. If true, this means that “business as usual” will have resumed for two-thirds of our community. The precise reality of the near future is uncertain, but meetings professionals are successfully navigating this new landscape with an optimistic outlook to build back better.”
Contact Michael Pinchera at mpinchera@mpiweb.org