Global DMC Partners (GDP), based in Washington, DC, has released its Q3 2024 Meetings & Events Pulse Survey. The data reveals that the MICE industry is feeling ongoing cost pressures and budget challenges acutely. The survey gathered responses from 165 meeting and event professionals across the US, Canada, UK, and Europe between 27 June and 9 August 2024.
Key findings include: Budget disparities: US and Canadian planners reported more budget increases (44%) compared to international planners (27%).
Cost challenges: Rising costs in hotels, food & beverage (F&B), and audiovisual (A/V) services remain the top concerns, with nearly 80% of respondents struggling with accommodation rates and 70% facing increased A/V costs.
Budget increases aren’t enough: Among those reporting budget increases, 57% saw a rise of only 10-20%, often insufficient to cover inflation, limiting creative or experiential elements in events.
Hotel F&B, A/V causing problems – When it comes to working with hotels and venues, higher accommodation, F&B and A/V costs are top challenges for planners, with nearly 80% struggling with accommodation rates and over 70% facing higher A/V costs most or all of the time.
AI adoption: Nearly half (48%) of respondents now frequently use AI tools like ChatGPT and Microsoft CoPilot, marking a significant rise in AI adoption since the previous survey.
Cost management strategies Planners are implementing various strategies to manage rising costs, such as cutting A/V expenses, reducing programme lengths, and using early contracting. Additionally, many are shifting towards sustainability practices, with 31% of international respondents integrating these measures into every programme.
Lead times Lead times remain short, with 43% of planners reporting four to nine months of planning, though there is a slight increase in those planning 10-12 months in advance.
Diversity, Equity, and Inclusion (DEI) Around 26% of respondents include DEI elements in most programmes, with accessible venues and inclusive programming being common initiatives. 18% are including them in every programme.
Sustainability Responses on sustainability practices reveal disparities between the US and international sectors. 15% of US respondents incorporate sustainability in about half of their programmes, while 21% of the international respondents report doing so. Additionally, just 7% of organisations in the US indicated that they integrate sustainability practices all the time or into every programme, whereas 31% of their international counterparts reported the same.
Sustainability measures that are incorporated include preferring programme components within walking distance, locally-sourced food options, reducing plastic waste, donations to local organisations, finding ways to recycle and reuse event materials, and incorporating sustainable/CSR-focused activities. Nearly 80% of planners find it can be challenging to incorporate sustainability into their programmes due to costs.
For more details, access the full report here.
