2007 Economy: Good or Bad for Meetings?

The latest poll on MiMegasite.com brings some surprising news: Even with a slowing economy and announcements of significant layoffs by some large companies exactly half of 80 planners responded that "any spending cuts on meetings in my organization will not be drastic for 2007, and my job is safe." Another 40 percent of planners responded that "spending will be cut a lot here, but my job is likely safe." Finally, 10 percent of respondents said that "spending will be cut a lot here, and my job is likely in jeopardy."

On the whole, meeting spending began to rise in late 2004 after three and a half years in the doldrums, meaning that we are now two full years into a solid recovery in the meeting/incentive/trade show industry. In fact, the total business is valued again at about $122 billion, which is where it was valued in mid-2000. And hotel bookings through the middle of 2007 are solid, from both the leisure- and business-travel markets.

But slower growth, and even a recession, for mid- to late 2007 are being mentioned with increasing frequency by economic experts--which may mean that the number of planners who are now optimistic about their organizations' meetings spend and their own job security might decrease as we approach the new year.

For now, though, 90 percent of our respondents are not concerned to the point that they fear for their jobs, and that is indeed good news.

A new poll is now up on the home page of MiMegasite.com. Cast your vote!