CWT Meetings & Events recently released their analysis of 2017 meetings and events as well as some predictions for 2018!
Cindy Fisher, senior vice president and global head of CWT Meetings & Events stated, “Costs are rising in key M&E markets, globally. With a 3.7% increase in hotels and 3.5% rise in airfares projected for the coming year, that trend is likely to continue.”
Safety and security remain huge concerns when selecting a destination. If you want to learn some tips about improving security for your events, make sure to attend BOE! They will have some really great experts speaking on the topic.
Cost per attendee per day has increased by 3% in 2017 since new supply growth has slightly exceeded demand. American hotel and air travel faires are expected to rise 2.5% in 2018 – the new supply growth should match demand.
Across the continent, hotel prices are expected to inflate over the upcoming year. Another fact to consider is that domestic leisure travel has been on the rise; it is then possible that group blocks could be limited during certain periods.
2017’s top destinations for meetings & events in North America:
1. New York, USA
2. Toronto, Canada
3. Cupertino/San Jose, USA
Arizona is projected to become more popular among event planners following the creation of new hotels. But there shouldn’t be any major changes.
The cost per attendee for meetings and events in Latin America has increased by 1% in 2017 and growth should continue throughout 2018 for hotel and air travel costs. General accommodation costs should increase 2%, with some variation.
2017’s top destinations for meetings & events in Latin America in 2017 are:
1. São Paulo, Brazil
2. Rio de Janeiro, Brazil
3. Mexico City, Mexico
New locations like Chile’s Atacama Desert or Iguazu Falls on the border of Argentina and Brazil are gaining popularity.
Europe, Middle East and Africa
In these areas, cost per attendee per day for meetings and events has increased by 4% this year. Prices are expected to continue to rise leading into 2018. By 2019, we will also have a better understanding of how Brexit will influence the events market as well as general accommodation and travel costs.
2017’s top destinations for meetings & events in Europe, Middle East and Africa:
1. London, England
2. Barcelona, Spain
3. Berlin, Germany
Interesting destinations include Bordeaux, Toulouse and Palma de Mallorca due to new structures and facilities, easy travel connections and relatively low prices.
2017 brought a 5% increase for cost per attendee, per day for meetings and events in Asia Pacific.
Top destinations for meetings & events in Asia Pacific in 2017:
2. Sydney, Australia
3. Bangkok, Thailand
South Korea, Vietnam, Taiwan and Kyoto are popular destinations on the rise.