BCD Meetings and Events
has released an in-depth report on the trends facing the meetings, incentives, conventions and events industry in 2019, and no surprise, price hikes are in the offing in most places.
The report, What's Trending 2019
, looks at all four regions of the world individually and then focuses on three broader trends: using the growing amount of data coming from increasingly digitized events; aligning event experience design with attendees; and concern for funding of strategic meetings management programs.
The report explores at all five regions of the world individually, noting that in many areas, prices will increase and non-traditional venues will grow in popularity. It also offers recommendations to planners looking at each area.
In the Asia Pacific region, BCD sees flat pricing as strong demand is met by a growing supply of venues. There are some exceptions, among them, Singapore
, Hong Kong, Sydney, Australia and New Zealand
In Europe, the Middle East and Asia, price increases are highly likely, barring a crisis. And European hotels may follow the North American practice of cutting planners' hotel booking commissions.
In Latin America, price rises are likely, particularly in Mexico, although the new administration's potential to be unfriendly towards business could be a drag.
In North America, rates will continue to rise in both Canada and the United States, with the U.S. again seeing price hikes of 2 to 5 percent.
As for other trends, the growing use of technology at meetings and events will provide more data, and the opportunity to use that data to achieve objectives and show return on investment, as well as streamline the event planning and management process. This is true everywhere, but the Latin American market is lagging in digitization of events.
Talking a high level view of the attendee experience will enable planners and event organizers to look at MICE events more strategically, with a "bird's eye view of the overall experience." And while demand for the outcomes of a strategic meeting management program are more essential than ever, funding for SMM is under pressure, especially in North America where commission cuts are pressuring budgets.