According to the 13th annual Global Meetings and Events Forecast report from American Express Global Business Travel, internal meetings and new developments in artificial intelligence are set to accelerate growth in the meetings and events industry next year. The 2024 Forecast surveyed over 500 meeting and event professionals and industry leaders from around the world. These are the main highlights from the report among those surveyed:
- 48% of respondents predict that there will be more attendees at internal meetings and that internal meetings will see the strongest growth of all meeting types.
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67% say that corporate meetings and events budgets are set to increase in 2024.
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82% are optimistic about the future of the meetings and events industry, which is increased from 77% of respondents saying the same last year.
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28% say that programs have already met or exceeded pre-pandemic attendee levels and an additional 42% expect to see the same results in 2024.
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72% of meeting planners expect lead times in 2024 to be the same or shorter.
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Only 25% of meeting planners surveyed said they were likely to look for a job in the next year, and 65% plan to stay within the meetings and events industry, providing further evidence toward the health of the industry.
The report also highlights the fact that the majority of respondents said their meetings and events would be either entirely in person or hybrid, while only 21% of events are expected to remain virtual. Even with many organizations opting to stick with remote or hybrid working models, it’s clear that the role of meetings and events in bringing teams together is highly valuable. The report also reveals that hotel rates will continue to rise in most locations around the world in 2024, with meetings and events expected to replace the diminishing demand for personal leisure travel. In fact, 38% of respondents say they will likely see an increase in incentive events next year.
The report also discloses the growing use of artificial intelligence and the way that technology will continue use by meeting professionals. Forty-two percent of respondents say they plan to use AI in some capacity in 2024, with many meeting professionals utilizing AI for things like destination research, event communication and automating event registration. In addition, many event planners are planning to utilize mobile apps, with a predicted usage rate of 60% in the coming year. And some meeting professionals are continuing to experiment with virtual reality technologies, with 41% of respondents planning to use VR at some point next year.
“With more distributed workforces than ever, companies are re-evaluating the importance of internal interactions for team cohesion, productivity, creativity, engagement, employee welfare,” noted Gerardo Tejado, Senior Vice President of Professional Services, General Manager of Global Meetings & Events at American Express Global Business Travel. “It’s never been clearer that in-person meetings and interactions are irreplaceable, with face-to-face connections and building relationships serving as cornerstones of personal and professional success. Our Forecast indicates that 2024 will be a dynamic year – not only are budgets and attendee numbers rising, but we’re also seeing technology adoption accelerating dramatically.”
This information is based on a press release from American Express GBT Meetings and Events
