It wasn't so long ago that talk of a shift to a buyer's market in the meetings industry was alive and kicking. But, according to the recent MPI Meetings Outlook Summer Edition 2017, those hopes are inching closer to being on life support.
According to the just released study, 69 percent of planners think a seller's market exists currently and predict it to continue into 2018. Only 28 percent feel that it's a buyers market and three percent say the market is evenly balanced. In contrast, only 58 percent of respondents to the Meetings Outlook Fall Edition 2016 were predicting a seller's market.
On the positive side, predictions for attendance at live events are trending upward as live attendance is expected to grow by 1.6 percent and 82 percent of respondents said that attendance will either grow or stay the same. Only 18 percent are prediction a decrease. The forecast for virtual event attendance is even rosier. Virtual attendance is predicted to grow by 2.4 percent with 95 percent of respondents saying attendance will either grow or stay the same while only five percent expect a decrease.