Accor reveals key trends for the world  meetings and events sector 

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A brand new report from Accor has revealed a necessity  to deal with stability and belonging as the world meetings and events sector continues to get well and  drive strategic progress for 2024 and past. 

The report, titled “Meeting Expectations: The Future of Meetings & Events” addresses the  transformation that the M&E sector has undergone in recent times and explores the basic  shifts impacting the business because it continues to evolve and get well.

“The global business landscape is undergoing a profound transformation. The way we live, work, and  interact has been reshaped over the last few years, and the ripple effects of these changes have  created new opportunities in the meetings and events industry,” says Sophie Hulgard, Chief Sales  Officer, Accor. “The pandemic was a defining moment for the industry. We were thrust into a world  of virtual gatherings, with in-person events grinding to a halt. Yet, we adapted and evolved. That  evolution continues today and the one thread that connects all the trends we forecast is the human  connection. Today, more than ever, it is about the human need to meet, share and thrive.”

Coming out of the pandemic there have been fears that the events business may battle to reclaim its  viewers. Today that viewers has largely returned and is anticipated to rise far past its 2019 peak  in the years to come back. This is nice information for the sector nevertheless it additionally brings recent challenges and  alternatives that can alter the method events are booked, deliberate and executed.

“The total global meeting industry worldwide is forecast¹ to be worth $1.78bn by 2030,” added  Hulgard. “That’s because being in a room with people matters – it’s powerful and it’s valuable.”

Accor’s Meetings & Events Industry Forecast survey information reinforces this predicted progress trajectory.  78% of respondents mentioned that their or their shoppers’ expenditure had elevated since 2022, with 36%  saying it had elevated by greater than 25%. Looking to 2024 the progress is anticipated to proceed with  80% of surveyed consultants anticipating elevated spend in 2024, with 30% saying it will rise by extra  than 25%.

According to the Accor analysis, continued progress is forecast throughout all assembly and occasion sizes in  2024. Three-quarters (78%) count on the variety of small and medium sized meetings (beneath 100  delegates) to extend subsequent 12 months, and the similar quantity mentioned they count on the variety of meetings of  over 100 delegates to extend. More than half (57%) predict an increase in giant meetings (over 300

 

delegates) to extend and nearly three-forth (78%) mentioned it will be “very important” for their  business to attend exhibitions, conferences and tradeshows in 2024.

Reconfirming the worth of assembly in actual life (IRL), 33% of meetings planners count on in extra of  40% extra income from face-to-face meetings vs a digital assembly, and the majority, 80%, would  not be comfortable to make use of video-conferencing to shut offers in 2024.

The new Accor report, “MEETING EXPECTATIONS: THE FUTURE OF MEETINGS & EVENTS”  reveals 5 trends anticipated to form the progress of the business.

1/ “Softer Productivity”  

The work exhausting, play exhausting ethos as soon as related to enterprise and events is altering in keeping with the  calls for of latest life.

• Key Take-away: Balance objective and productiveness

2/ “Selling Belonging”  

The meetings and events sector is all about one factor: folks. Human connection and fostering a  sense of belonging are the cornerstones of profitable occasion design.

• Key Take-away: Celebrate the human connection. Sell belonging.

3/ “Designing Experiences”  

Event bookers are wanting for a return on their funding, however they’re greater than ever wanting for  ROX, a return on expertise.

• Key Take-away: Create memorable experiences that forge significant connections

4/ “Green Gatherings”  

Positive affect is the differentiator, and, greater than ever, the sector has the inexperienced mild to drive  change. Green credentials are now not a bonus for events – they are going to be a deciding consider who  secures the enterprise.

• Key Take-away: Sustainability needs to be the first thought, not the afterthought

5/ “Disruptive Technology”  

In-person conferences at the moment are a significant method of bringing collectively individuals who might solely see each other  via laptop computer screens.

• Key Take-away: Digital has attain. Face to face has worth. Being in the room issues.

“The Meetings & Events industry has demonstrated its resilience, innovation, and adaptability,”  concludes Karelle Lamouche, Chief Commercial Officer of Accor’s Premium, Midscale & Economy  division. “The trends outlined in this report stem from the DNA of the sector – face to face business  matters. The human connection goes with commercial success, it makes business stronger. As the  industry continues to drive recovery globally, it is the commitment to forging meaningful connections,  being a catalyst for commercial and cultural growth and creating a sense of belonging that will ensure  the sector exceeds its forecast growth. Travel is back, and, for the M&E sector, it’s belonging and  balance that will drive the bottom line in 2024.”

 

 

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