Industry Update VENUE NEWS 36
AWARDS 40
SNAPSHOTS 46
OUTLOOK: GOOD
CWT Meetings & Events’ 2020 Future Trends Report projects growth in the industry. RESEARCH COURTESY OF CWT
“The need for live events is becoming more relevant than ever before,” says Kurt Ekert, president and CEO of CWT, with up to 30 percent of marketing budgets expected to be spent on live events in 2020. “Face-to-face meetings are critical to establishing connections between brands and their customers, and employees and their companies, especially during times of uncertainty. Knowing how to manage risks globally while putting together an authentic and measurable experience for all participants will be key for success in this space in the coming year and beyond.” In its eighth installment, CWT Meetings & Events’ 2020 Future Trends Report identifies key developments in the industry in 2020, including:
PEOPLE PROFILE 48
BY THE NUMBERS AVERAGE LEAD TIME
59 days PERCENTAGE OF SPEND ON FOOD & BEVERAGE
42%
AVERAGE MEETING DURATION
3 days USE OF ATTENDEE REGISTRATION WEBSITES
61%
COST PER ATTENDEE PER DAY
2019: $234 2020: $253 (+8% year-over-year)
AVERAGE GROUP SIZE Digitalization: Mobile devices are adding new functionality with apps to create a higher degree of personalization for attendees.
Shifting demographics: Millennials are poised to be the largest group of business travelers from 2024 and onward. Generation Z is right on their heels and can claim to have never known a world without the internet, smartphones and apps. This younger group is all about experience, authenticity and participation.
Authenticity: People are craving experiences that feel authentic, where travelers can immerse themselves in a destination like locals. Growing attraction of off-the-beaten track destinations.
Socially and environmentally responsible incentives also rank high for 2020, fueled by the next generation that views climate change as an increasingly pressing issue.
34
MIM+E
73
ATTENDEES There continues to be a focus on the impact of the millennial generation (aka Generation Y, those born between 1980 and 1995). The influence of this generation will continue to strengthen the industry as they are expected to form the largest group of business travelers across the world from 2024 onward. Centennials (aka Generation Z, those born from 1996 onward) are starting to enter the workforce. According to Mediakix Research, while their influence, due to their age, is so far limited, this will rapidly change over the next decade as their population reaches 2.56 billion globally by 2020.
| WINTER 2020
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1/8/2020 3:35:38 PM
