STATE OF THE INDUSTRY 2024
Corporate events get creative Corporate events are in a new era, it seems. 88% of our survey respondents stage corporate events. The reported average number of attendees was mostly in the 100 to 499 range (42% of respondents). Corporate events have certainly seen an increase in the past year, likely a result of remote workers seeking some in-person company connection. Teneo Hospitality Group President Mike Schugt told Special Events , “Corporate retreats and meetings are no longer short-term commitments. The demand is robust for 2025, driven by the need for thoughtful, well-orchestrated programs. We’re noticing that clients are prioritizing early bookings to ensure they can execute on their strategic goals without compromising on location or service quality.” When asked about the number of corporate events staged this year compared to 2023, 53% of our survey respondents said they held more. This year’s client budgets compared to 2023 seemed to either stay constant or grow slowly: 39% reported budgets increasing by 1% to 5%. "There’s been a surge in demand for more intricate, large- scale programs, and with almost half of current leads focused on 2025, it’s evident that planners are embracing proactive, forward-thinking strategies to secure premium venues and experiences,” says Schugt. When looking ahead, 57% of respondents expect revenue from corporate events to increase in 2025, while 32% figure it will stay about the same. "In 2025, corporate event planners will focus even more on enhancing the attendee experience by incorporating physical and mental wellness into event programming,” predicts Schugt. “Sustainability will also take center stage, with planners prioritizing eco-friendly solutions. Leading the charge are brands like 1 Hotels, with their Certified Green Meetings initiative, and The Venetian, offering a green meeting concierge to help planners measure the carbon footprint of their events, making sustainability both actionable and transparent." (More on sustainability in a bit.) Regarding business travel, the Global Business Travel Association (GBTA) reported that as of July, the total U.S. domestic business travel expenditure was $421.1 billion. They also reported the breakdown of average expenditures for business travel: 1. Food and beverage: $41.1 billion 2. Entertainment/speakers/production: $32.9 billion
Bleisure is still thriving; according to travel company Skyscanner: • 83% of Americans turn their work trips into leisure at least sometimes • 55% of Americans use PTO to extend their time away • 59% of Americans are willing to spend more than $1,000 on a bleisure trip Event planners who work with corporate events have the opportunity to capitalize on bleisure, sustainability, and in- person trends, offering creative events and programming to the business sector.
Global DMC Partners unveiled their 2024 Global Destination Index, highlighting the most popular meeting and incentive destinations around the world, based on leads and RFPs received for programs happening in 2024 across GDP’s worldwide DMC partners. Here are their Top 10 MICE Destinations for 2024: Top 10 U.S. Chicago, IL Washington, D.C.
New York, NY Las Vegas, NV Nashville, TN
Dallas, TX Miami, FL Orlando, FL Austin, TX San Diego, CA Top 10 International Paris, France Barcelona, Spain Amsterdam, Netherlands
London, England Lisbon, Portugal Athens, Greece Madrid, Spain Vienna, Austria Rome, Italy Berlin, Germany
3. Meeting administration: $23.6 billion 4. Other meeting operations: $19.4 billion 5. Meeting venue rental: $12.1 billion 6. Meeting registration fees: $11.5 billion 7. Transportation and staff travel: $9 billion
Above information courtesy Global DMC Partners
34
SPECIAL EVENTS
WINTER 2024
Powered by FlippingBook