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INFOGRAPHIC
Industry Update
VENUE NEWS 36 AWARDS 40 SNAPSHOTS 46 PEOPLE PROFILE 48
OUTLOOK: GOOD
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:
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.
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 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.
GLOBAL
The global meetings and events industry is estimated at $840 billion and growing. “The overall growth trajectory in the meetings and events industry is rising at a steady 8 percent rate, which is encouraging,” says Derek Sharp, senior vice president and managing director, CWT Meetings & Events.
NORTH AMERICA
Demand for meetings and events in North America is continuing to increase, but the pace of growth has fallen. Despite these headwinds, the U.S. economy continues to be strong with event sizes rising, including many companies in the tech sector that have moved to consolidate their smaller meetings into larger events.
“More than ever, political events have a direct impact on companies’ quarterly and annual outlooks. Some industry segments are pulling back, such as agriculture because of the trade situation, and are being a bit more cautious,” says Tony Wagner, vice president, Americas & South Pacific Regions of CWT Meetings & Events.
Top 10 Cities
1. NEW YORK, NY 2. SAN FRANCISCO, CA 3. CHICAGO, IL 4. ATLANTA, GA 5. TORONTO, CANADA 6. SAN DIEGO, CA 7. SEATTLE, WA 8. ORLANDO, FL 9. DALLAS/FORT WORTH, TX 10. LAS VEGAS, NV
Destinations on the Rise
Destinations on the rise are locations offering better value rates than firsttier cities. They are also becoming more attractive due to an increase in facilities including new hotels and venues.
CREATIVE EVENTS
CWT identified 20 microtrends that are set to shape the year ahead when planning an event with a creative twist. Here are 5:
Dating apps for networking: Tinder-style apps will help event attendees break the ice. Diversity: Greater diversity of presenters can bring an inspiring new slant to content and connect with the full range of attendees. Venues that tell a story: Unusual venues that reflect the aims of the event are booming— think spectacular views, historic spaces, or even an underwater event.
First is best in seating: Early arrivals can grab the plush, expansive armchairs close to the speakers, while space at the back is for highboy chairs and stools.
Instagrammable cuisine: Food must be Instagram-worthy— shared in real time to an audience of hundreds or even thousands at once—to pass muster in 2020.
