EIA comment on FutureWatch 2008 report

Meetings professionals expect healthy attendance and budget increases in the coming year, despite general pessimism over global economic performance, according to FutureWatch 2008.

FutureWatch 2008 is the market trends study for the global meetings and events planning industry.

The sixth-annual international study, conducted by Meeting Professionals International (MPI) and sponsored by American Express, surveyed 1,643 meeting and event professionals and suppliers from around the world, the largest response ever to a FutureWatch study.

Overall, events and meetings professionals expect a 19 per cent rise in attendances in 2008.

The finding was matched by a prediction that interest in webcasts and other web-based tools for live meetings will also rise, without displacing the strategic value of face-to-face meetings.

"These findings are yet further evidence that there's no substitute for live event marketing," said Event Industry Alliance, group chief executive, Trevor Foley, a sentiment echoed by Bruce MacMillan, president and chief executive of MPI.

"This study shows that while events and meetings professionals are embracing technology, its greater role is in enhancing events, not replacing them," he concluded.

Among its major findings, FutureWatch 2008 also found the following: Budget growth predicted despite worldwide economic concerns.

Among its economic findings, FutureWatch found all respondents expressed concern about an economic downturn in 2008.

Despite this perception, corporate planners remain bullish on budget expectations, predicting a 27 per cent rise in 2008.

A further indication of the growing recognition of the value of meetings and events in the private sector.

Rapid move towards globalisation was expected.

FutureWatch respondents expect their industry to globalise rapidly in the coming year.

Around 20 per cent expect their organisations to extend their global reach in 2008, compared to less than 1 per cent who see a decrease in globalisation.

Suppliers and independent planners may face talent shortages.

This year's study found that talent shortages are roughly twice as important for suppliers and independent planners as they are for corporate and association planners, suggesting that concern over the ability to hire and retain qualified employees is gradually permeating the industry.

In a related issue, less than one-fifth of meetings business is expected to be outsourced in 2008, but that total will still represent a 14 per cent increase in volume.

The industry is going green.

FutureWatch also found that interest in environmental sustainability has not bypassed the meeting planning industry.

A growing number of professionals, 19 per cent overall, list conservation and environmental concerns among the top three trends affecting their work.

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