“If you ask most organizations what their priorities will be next year, they will include their people, both retention and attracting the best talent," Oliver believes. "This speaks to company culture. To really drive that culture – especially with the hybrid way of working that’s become the norm – the only way to do that is to meet. And that, inevitably, will be the driving force behind meetings and events (M&E) growth.
This prediction is further confirmed by a recent survey featured in M&IT, which stated that 33% of meetings planners expect in excess of 40% more revenue from face-to-face meetings versus a virtual meeting. Meanwhile, the majority – 80% – would not be happy to use video-conferencing to close deals in 2024.
“As people realize the need to be more people focused, we’re also expecting to see the trend of increasingly combining M&E spend with business travel spend,” Oliver adds. “Dedicated service is key for us in both corporate travel and M&E. So, combining spend means a client has one view of everything they’re booking.”
Trade shows and incentive travel have also seen a resurgence in the Asia Pacific region, particularly in China, adds Warren, pointing out that the region’s corporate events industry is undergoing a rapid transformation, driven by several emerging trends. “What will drive the events business for this region in 2024 will be a focus on sustainability and social responsibility; personalization and engagement with audiences; robust data and analytics; and technology and innovation to support events,” Warren says.
