C&I industry defies credit crunch

An MIA-commissioned survey finds the industry is still growing

MIA: commissioned survey
MIA: commissioned survey

A survey designed to assess the impact of the credit crunch on the events industry has indicated that the sector is still producing positive results despite the financial climate.

The study, set to become a thrice-yearly report, was commissioned by the Meetings Industry Association (MIA) and unveiled at today's Event UK show in Birmingham. It questioned 50 corporates, 50 venues, 20 agencies and 20 non-property suppliers. Some 52% reported increases in the amount of day conferences, with 38% reporting no change and 10% seeing a decline. Things were tougher on 24-hour events, with 54% of respondents doing the same amount as last year and 26% saying there had been a decline.

In terms of how much planners are paying for events, 50% of respondents reported no change in rates for day conferences, with 42% seeing an increase. For 24-hour conferences, 58% said no change and 28% saw an increase. Looking to next year, 45% predicted rises in day conference rates and 22% felt 24-hour rates would rise.

"While things are undoubtedly tough, given that everywhere the media is reporting doom and gloom, the overall picture is surprisingly positive," said MIA board member Elisabeth Barton, who oversaw the study. "However, we cannot afford to be complacent as the situation is changing every day."

The report was carried out across three weeks to 12 September and is designed to provide a snapshot of how the events industry is performing in the uncertain economic climate. A second update will be published in January with plans to publish three reports a year.

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