Event budgets aren't keeping up with costs, says MPI

Planners need to 'get strategic' to adapt to a seller's market, according to MPI's latest Meetings Outlook report.

Event budgets aren't keeping up with costs, says MPI
Event budgets aren't keeping up with costs, says MPI

The report, generated from surveys of MPI members, shows that projected budget spend has been increasing for the past three quarters, however most of the anticipated increases are within the 1-5% range – not enough to match cost increases.

Its author, Elaine Pofeldt, suggests an emerging seller's market for hotels is making the lives of planners more complicated.

"Meeting professionals must now flex planning muscles they haven’t used in years to take into account venues and flights that are fuller than they have been since the recession. That reality is putting pressure on planners and organisations to start working on events early or risk getting closed out," she says.

Julie Powers, CMP (MPI Orange County Chapter), a manager of global accounts at meeting procurement and site selection agency HelmsBriscoe, said she expects to see a seller’s market thrive for at least two years. "The hotels are filling up, not just with meetings but with business and leisure travel.

"As a planner you have to make your programme as attractive as possible. Right now, hotels are looking at the programmes and how best they work within the hotel itself and how each area of the hotel will get a piece of the pie."

Overall, the report showed business conditions are becoming increasingly stable with corporate meetings and events expected to see the most positive business this year.

The report's findings are based on a survey of MPI's global members. Click here to view the full MPI report.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
New head of incentive travel for SevenEvents

New head of incentive travel for SevenEvents

Former C&IT A-Lister Heléna Vella has joined SevenEvents to head up the newly-formed incentives team.

Behind the winning entry: Best Use of Technology

Behind the winning entry: Best Use of Technology

SPARK THINKING organised Jaguar Land Rover's Graduate & Apprentice Induction Programme.

Battersea Power Station reveals plans for 'glass elevator' and viewing platform

Battersea Power Station reveals plans for 'glass elevator' and viewing platform

Owners say unique Chimney Lift experience will offer "breathtaking" views across London when it opens in 2021.

Banks Sadler hires new head of business development and senior bid writer

Banks Sadler hires new head of business development and senior bid writer

Agency says the appointment of Sue Darlaston and Jamie Blackall from HRG are 'a brilliant addition to the team'.

Why MICE planners need to think about leisure

Why MICE planners need to think about leisure

A look at how a destination's leisure offering can increase the success of business events.

Behind the winning entry: Events Destination of the Year

Behind the winning entry: Events Destination of the Year

Visit Belfast wowed the judges at this year's C&IT Awards and demonstrated how the city has become a top MICE destination.

Complete the C&IT Corporate Survey for a chance to win a stay in the Cotswolds

Complete the C&IT Corporate Survey for a chance to win a stay in the Cotswolds

Corporate event planners could win a stay at the Lygon Arms by contributing to our first ever State of the Industry Corporate Report.

Hotel review: Signiel Seoul

Hotel review: Signiel Seoul

Five-star glamour high in the sky above the South Korean capital, with impressive facilities for meetings and events.

Head and neck cancer congress going to Brisbane

Head and neck cancer congress going to Brisbane

International Federation of Head and Neck Oncologic Societies event will take place on the east coast of Australia in 2026.

NoMad Las Vegas opens its doors

NoMad Las Vegas opens its doors

Aiming high with a concept of the 'refinement of a European home', NoMad Las Vegas is on the top four floors of Park MGM.

LATEST JOBS