Happy New Year, everyone! We’re starting 2018 by taking a closer look at what the forecast is for the upcoming year and not only.
According to the “Global Meetings, Incentives, Conventions, and Exhibitions (MICE) Market 2017-2021” report, the global meetings, incentives, conventions, and exhibitions (MICE) market is expected to grow at a CAGR of 6.93% between 2017 and 2021.
Personalization of guest data appears to be the latest trend dominating the industry. In that sense, hotels are investing in innovative ideas and techniques to retain their market shares and delight their guests. Some hotels link their software with the social media profile of their guests so that when the latter book a room, everything is set to meet their expectations.
Other hotels look for VIP guests online, trying to understand what their preferences are. Luxury hotel chain Four Seasons stores information related to guests’ dietary, wine, and newspaper preferences for their next visit.
The extra attention paid by a hotel to provide guests with innovative and personalized services is what keeps guests coming back over and over again.
The report has also revealed that Digitalization of travel payments is one of the major drivers for the MICE market, providing it with an advantage through the growing digitalization in the majority of sectors globally. With the digitalization of payments, the booking and payment of travel plans have become easy for companies. Additionally, virtual payments enable guests to charge the stay and other expenses to the company without using a credit card, debit card, or internet banking. Since virtual payments cannot be misused, the threat of theft is highly reduced. The card number acts as a unique identifier for a transaction and can be used a limited number of times.
Other market trends found in the report are:
- Acceptance of online travel agencies
- Launch of low-cost airlines
- Growing demand for leisure travel
According to the 2018 Global Meeting and Events Forecast from American Express Meetings & Events, the global events industry is expected to have optimistic growth prospects for 2018. The driver for this is increased competition in the supply chain for share of the market, consolidation by buyers and increased levels of investment.
In 2018, it is expected that the continued localization of meetings programs will be a key trend worldwide, as meeting professionals seek to add flexibility to offerings that address specific market needs and drive program adoption.
Furthermore, the report revealed that technology is expected to continue its transformation of meetings and events throughout 2018, particularly on the end-to-end management of delivery and attendee experience. A particular focus will be set on VR, AI mobile-app and hybrid-meeting solutions this year.
For North America, the report predicts that the amount of money spent is expected to rise, with increasing regional air fares and hotel rates. The key focus for meetings planners and owners will be prioritizing the attendee experience.
For Europe, the report explains that geopolitical uncertainty has led to country-specific variations in industry confidence. The UK, Belgium and the Netherlands express the most optimism across several indicators. Respondents in the UK and Poland anticipate an increased in the amount of money spent on meetings, while those in other European countries predict decreasing or flat activity in 2018. With the exception of the UK, European countries expect to spend less on attendees than the previous year.
In what concerns Asia-Pacific, Australia is expected to register important growth; the forecast predicts an increase in both the amount of money spent on meetings and the number of attendees.
In Central & South America, industry growth is expected to be modest across most categories. Although Mexico and Colombia are becoming increasingly popular, both face challenges with rising hotel rates and limited supply for large groups.
About Congress Bookers
In the world of MICE (Meetings, Incentives, Conferences and Events), Congress Bookers provides a whole range of services needed to organize a group for a medical congress. On our website, you will find a full list of hotel allotments for the most important medical congresses in 2018, regardless of their location. We operate internationally!
- EAACI 2018 – 615 rooms in fourteen 4-star hotels
- EHA 2018 – 1200 rooms in thirty 4-star hotels
- ERS 2018 – 615 rooms in twenty 4-star hotels
- EURETINA 2018 – 460 rooms in twelve 4-star hotels
- EASD 2018 – 765 rooms in sixteen 4-star hotels
- ECTRIMS 2018 – 620 rooms in ten hotels
- ESMO 2018 – 1092 rooms in twenty-one 4-star hotels.