Optimism in the business meetings and events sector is high, with average event budgets on the rise, according to the Meetings Industry Association’s (MIA) latest MIA Insights.
The latest edition of the association’s quarterly benchmarking report has revealed that almost three quarters (74%) are confident in the future growth and sustainability of the sector – a slight increase on sentiment reported in June.
This is supported by a decrease in typical event lead times, now standing at 11 weeks, a reduction of five on the last report, while the average event budget has risen by nearly £7,000 to a reported £34,534 per event. Respondents are also witnessing an increase in enquiries from outside of the region in which they operate, including a rise in overseas enquiries. This suggests a greater appetite for business meetings and events travel – a positive outlook considering international delegates spend more, stay longer, and support the UK economy.
Despite this, just 6% feel that the business meetings and events sector is supported by UK government. Similarly, less than a third (27%) believe that new government policies will positively impact their business.
Elsewhere, under a third (31%) of respondents feel that the upcoming changes to employment legislation will be beneficial for the sector. Notable concerns raised include the proposed changes to zero-hour contracts, which respondents believe will increase the risk of taking on new members of staff while also challenging their levels of flexibility.
As organisations address depleted talent pools head-on, working with what is available and accessible to them, over two-thirds (69%) have found that upskilling existing staff is helping to mitigate staffing shortages within the sector. More than half (58%) feel they now have effective training programs in place to develop their workforce, with most (79%) utilising external training resources to facilitate this.
MIA chief executive, Kerrin MacPhie, said: “While confidence in the sector’s growth is bolstered by rising event budgets and increased enquiries from overseas, there remains a clear call for greater government support. This includes no-cost advocacy support, addressing ongoing recruitment challenges and tackling staff shortages that have long been well-documented.
“Despite the demands of incoming Employment Law changes, which further reinforce these challenges, the sector’s ability to adapt and evolve, along with its commitment to upskilling the workforce, provide optimism that it will continue to navigate these issues. However, with government intervention, the opportunities are significant. It is vital that these concerns are considered.”
The November 2024 MIA Insights can be downloaded here: https://mia-uk.org/Insight-Surveys
