Meeting Mentor Magazine
Cover Story
Meetings Industry Finally Quantifies Its Economic Significance
A landmark study conducted by PricewaterhouseCoopers LLP for the Convention Industry Council reveals the economic significance of the meetings industry, in both direct and indirect value. It comes after the meetings industry took a pounding from the deep recession that began in late 2007 and from the “AIG effect,” which made spending on meetings and travel appear wasteful.
In the study, meetings were defined as a gathering of 10 or more participants for a minimum of four hours in a contracted venue. Among the more important numbers:
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• 1.8 million corporate and business meetings, tradeshows, conventions, congresses, incentive events and other meetings in the U.S. annually, which translate into $263 billion in direct spending and 1.7 million U.S. jobs. • $907 billion total economic spend of the meetings industry, including direct and indirect spending, and induced effects, which translate into 6.3 million U.S. jobs and $458 billion contribution to U.S. GDP. • $1,290 of direct spend per meeting participant. With research — the first phase of the project — concluded, the participating organizations expect to initiate an ongoing awareness campaign both on the national stage and in grassroots efforts at the local level. And now that the study has established industry baselines, CIC and member organizations anticipate updating the research every two to three years. — Maxine Golding |
More Evidence of Recovery
Meeting Professionals International reported the latest findings from its Business Barometer: • Attendance levels have increased substantially since December 2010. • Spending per meeting continues to improve. • Request-for-proposal response times are lengthening for some suppliers, indicating higher volume. PKF Hospitality Research (PKF-HR) revised its projections upwards in March: • The increase in hotel RevPAR (revenue per available room) in 2011 was raised to 7.1 percent from the 5.6 percent projected last December. • Demand for lodging this year will rise 4 percent. • Average daily rates will increase in the range of 5 to 7 percent this year for New York, Boston, and San Francisco markets, while the national average is now projected at 3.8 percent. |
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