WASHINGTON, DC — Global DMC Partners (GDP) publishes a biannual Meetings and Events Survey, focusing on the factors driving decisions in the global meetings and events industry. Now that the first quarter of 2024 is over, where do those forecasts stand?
Rising costs are a concern mentioned in the survey, and organizers are employing different strategies to compensate for this.
“With almost everything from airfare to food and beverage becoming more expensive, planners need to be more creative in how they spend their budgets,” said Catherine Chaulet, president and CEO of Global DMC Partners.
About 37% say they frequently choose different destinations based on price.
Second-tier cities on the rise
That trend continues. According to data provider Knowland, second-tier cities continue to dominate. Take Louisville, Ky. Its event activity increased 67.2% in February compared to last year. This strong year-over-year growth in event volume is common to two other regions, which Knowland considers secondary markets. Colorado Springs, CO, grew 66.8%, and Greensboro-Winston Salem, NC, grew 65.7%.
Another study found that some organizers are struggling to manage event attendance, with only 36% reporting an increase in attendees at their in-person events.
Emerald is not part of this percentage. “We are pleased to report that Emerald’s events in Q1 2024 have delivered exceptional results, with many exceeding year-over-year attendance targets and some breaking pre-pandemic records, demonstrating the resilience and growing enthusiasm of our audiences,” said Hervé Sedky, Emerald’s President and CEO.
“Despite the industry challenges highlighted in the Q2/Q3 2023 Meetings & Events Pulse survey, Emerald’s success in the first few months of this year reflects positive trends across the exhibition industry. We remain deeply optimistic about the opportunities ahead in 2024, with our team committed to delivering exceptional experiences that meet the evolving needs and interests of our attendees and exhibitors,” added Sedky.
Related. Q4 2023 CEIR Index Shows Continued Strong Improvement
Sustainability is gaining in importance
Compared to the report a year ago, 20% more organizations are now integrating sustainability goals into their travel, meetings and events programs. Seventy-eight percent of global respondents say they are integrating sustainability into their programs, compared to 44% of U.S. and Canadian respondents. Reducing plastic use and waste is reported as the top sustainability goal for most organizations’ meetings and events, followed by using locally sourced food options and tracking and offsetting carbon emissions.
Sustainability can also be a factor in determining where to host a meeting or event, with 50% of respondents saying sustainability can sometimes be a factor and 30% saying it is a factor in choosing a destination for future programs.
“The exhibition sector is an excellent platform to showcase our commitment to sustainability and, in line with evolving industry priorities, Emerald has made sustainability a key element of all its events. As a proud participant in the Net Zero Carbon Events Pledge, Emerald has committed to achieving net zero carbon emissions by 2050, with an interim target of reducing greenhouse gas emissions by 50% by 2030,” said Sedky.
“In addition to the environmental benefits, sustainability also makes good business sense. Our customers and stakeholders increasingly expect us to be environmentally responsible. Adopting sustainable practices can enhance our brand reputation, attract top talent, and drive long-term growth and profitability.”
Chatbots are all the rage
Chatbots are leading the industry in AI adoption. While 25% of businesses in the US and Canada are using AI tools, 38% globally report actively using them.
For a copy of the full report, click here.
Contact Hervé Sedky at Herve.Sedky@emeraldx.com