The overall trend in meetings? Positive. Upward. Forward. Use whatever term you want to describe it, but the events industry is looking better than it has in months, according to MPI’s February Business Barometer, the first report released in 2013. Nearly every survey segment indicates growth and positive movement; compared to the December report, economic uncertainty is down 8 percent, focus on quality is up 6 percent and short lead times have fallen 10 percent.
This most recent report continues to build on previous ones showing a number of significant shifts in meetings in a post-recession economy. “Meeting professionals are emerging from a long-term crisis of economic uncertainty and budget cuts…to find new groups of stakeholders with new expectations, new tools at their disposal and new opportunities to address the strengthening meeting and event market,” according to MPI’s analysis of the report. What has happened is that as a result of the belt-tightening, planners and their organizations had to operate more efficiently, adopting new technologies in order to make their jobs easier. Now, as their budgets are loosening a bit, planners are still operating more strategically, creating an opportunity for experimentation and growth. Their hard work is paying off.
Download a full summary of the first 2013 Business Barometer report from MPI here.