The Meetings & Events industry is continuing to evolve at a rapid pace, whilst being shaped by regional challenges and global shifts. Here, we offer a concise overview of the key trends that will be impacting each region throughout 2024, including economic pressures, sustainability efforts, and regulatory changes. Whether you’re a seasoned professional or new to the industry, these insights taken from BCD M&E’s latest report, What’s Trending 2024, will ensure that you’re knowledge is evolving at the same pace as the industry itself.
What’s impacting the world of Meetings & Events in 2024?
North America (NORAM)
Over the next 12 months, focus on ROE in North America will remain high, emphasizing attendee engagement pre-, during and post-meeting. We anticipate increasing pressure on budgets to further drive changes in approach to maximize value for spend and fully utilize all resources.
United Kingdom (UK)
Cost will continue to be a significant driver of decisions for businesses, due to the growing cost of living in the UK. Inflation, pricing (particularly for hotels and airlines) and staffing (more jobs than people) will be top challenges for the UK, heading into 2024. The industry is seeing greater interest in contract signing and payment services, along with vendor consolidation and compliance. Many clients will be looking for a single supplier and global consistency to help smooth processes, particularly as they see the value of a wider SMM program.
Europe, Middle East, and Africa (EMEA)
EMEA is navigating a unique phase in the meetings and events space, with a focus on cost containment amidst high inflation. We believe inflation will return to normal levels within the next 12 months however, political instability adds an element of uncertainty. Sustainability remains crucial, but priorities may shift slightly due to economic challenges.
Asia-Pacific (APAC)
APAC is experiencing a resurgence in meetings and events, particularly in China, as trade shows and incentive travel return. Budgets for 2024 are flat, and costs are increasing, while resource challenges persist in the region. Regulatory changes in healthcare provider events and the pharma industry pose specific challenges, however, BCD M&E anticipates overall growth in the APAC market, especially in Singapore and India and within the incentive and event solutions verticals. On the meetings management front, further consolidation is expected as clients push for more strategic spend and more experienced SMM customers look to optimize their programs through previous data.
Latin America (LATAM)
LATAM faces economic and government-related uncertainty, with unique challenges in each country. Taxes and regulations have been impacting budgets in Colombia, Argentina is grappling with talent retention, and Mexico is dealing with budget limitations and rising hotel rates. Despite these challenges, Argentina, Colombia, and Mexico show promise for 2024, with a focus on sustainability and creative approaches in event planning. We are also expecting higher meetings and events budgets and growth in the tourism services industry.
The global meetings and events landscape is evolving, with each region presenting its own set of opportunities and obstacles. For more in-depth insights into each region’s meetings and events industry, download What’s Trending 2024. These insights will be valuable for your event planning decisions in a dynamic global landscape.
Originally published Jan 8, 2024 7:42:00 AM
Written by BCD Meetings & Events
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