WHITEPAPER
ARE YOU PREPARED TO HANDLE Meetings & Events under the NEW NORMAL? 1
Introduction Although restrictions on events are being eased around the world, many organizers and participants don’t expect a full return to prepandemic norms, and the trend toward holding more virtual or hybrid Meetings and Events will continue.
Here are some of the most notable statistics
exhibitions (MICE) market climate is encouraging
that come from the 2021 Beroe Market Analysis
the meetings and events industry to undergo
regarding how COVID-19 impacted the
drastic changes. Event owners need to consider
MICE industry:
the sustainability of their future meetings and events based on the best way to ensure safe and effective events.
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The current meetings, incentives, conferences and
• $224 billion of event- and exhibition-related output was lost. • 2.4 million jobs were affected. • $370 billion of business agreements from participants was lost.
MICE industry overview COVID-19 has impacted it in nearly every aspect. In 2019, the global MICE market was valued at approximately $1,215 billion, and it was expected to grow at 4–6% to reach approximately $1,477 billion in 2023, according to a 2021 Beroe Market Analysis. Beroe is the World’s leading provider of Procurement Intelligence and Supplier compliance solutions.1 Of course, the global pandemic prevented that forecast from coming to fruition. Instead, the analysis found that the industry has contracted by 68% compared to 2019. The current market size as of March 2021 can be estimated to be between $1,000-$1,100 billion.
Despite the severe losses that the industry experienced in the past two years, hope is on the horizon as JTB innovates new ways to bring people together.
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Trends to know about moving forward Post-COVID-19 the North American MICE industry is expected to grow at 5-6% and the European market is forecasted to grow even more, at 6-7%. The AsiaPacific market is also anticipated to increase 4-5% after the pandemic winds down. Another important region that is valuable to the industry is the Latin American market, though it will be revived at a slower pace, about 3-4%.2
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As businesses have had to try new tactics amid the pandemic, a few adjustments are here to stay. For example, many were apprehensive due to
70%
70% projected to be held in a hybrid format
the unfamiliar nature of hybrid meetings in the beginning, but, with assistance from JTB, these have become the way of the future.
Hybrid meetings are here to stay because leaders
Companies that shifted to a fully remote model
have seen the benefits of this style of gathering.
during the pandemic can now consider a hybrid
Offering a combination of in-person and virtual
of remote and in-person. Beroe expects that 60%
event components means there is less need for
of sales meetings and events will still be held
transportation accommodations, and businesses
in-person, with heavy precautions being taken.
can save money on event production and service
However, some departments are easier to run
costs. These perks are being taken advantage of
virtually, such as internal meetings, 60% of which
by hosts of external events and exhibitions, with
will be held remotely.
Beroe 70% projected to be held in a hybrid format.
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Why virtual meetings and conferences are the new normal
For companies that were hesitant to commit to
studio to act as the control center. The options are
virtual meetings before the pandemic, COVID-19
limitless when you have the right equipment and
has led them to explore the incredible possibilities
event coordinators on your side.
that online connection allows. Not only does a virtual format make the meeting more accessible, but virtual meetings can be cost-effective as well.
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The options are limitless when you have the right equipment and event coordinators on your side.
Here are some examples of events and exhibitions that will be taking on the virtual format, across all departments: •
Tradeshows, summits, product launches, franchisee meetings. •
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event organizers are going as far as to use AR, VR and even 3D holograms to capture and maintain their participant’s attention.
Training: New hire incorporation, product certification, continuing education.
attendee engagement high. Effective remote and high-quality audio-visual technologies. Some
Recruitment: Job fairs, benefits fairs, onboardings, career fairs.
Through seamless virtual platforms, gamification
meetings rely on superior internet connectivity
Sales: Conferences, resource centers, trainings, supplier meetings.
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and other features, JTB can assist in keeping that
Business and marketing:
•
Corporate communications: Town halls, updates, company news, networking events.
No matter the market or department, it is important to connect with team members and
To manage a successful virtual event, leaders rely
industry leaders through meetings, events and
on chat features, polling and a well-developed TV
conferences, or contenders.
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7 ways to stay ahead of the competition Incorporate hybrid event models: Increase attendee participation and allow a higher number of attendees for all types of meetings by moving toward a hybrid model.
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1. Emphasize small meetings with virtual solutions: Events will increasingly include virtual components. In-person gatherings will be smaller local events with fewer than 25 attendees that require no air travel or hotel rooms. 2. Diversify the format of the event: According to Beroe, companies are predicting an increase
Events will increasingly include virtual components. In-person gatherings will be smaller local events with fewer than 25 attendees that require no air travel or hotel rooms.
in hybrid events over the next year and a decrease in virtual-only events, as they plan for the return of face-to-face events. 5. Call on legal counsel in drawing of the 3. Personalization is key: With the opportunity
agreement: Seek legal advice while drawing
for data to be mined at different points along
up an agreement with the event supplier to
with the attendee experience, companies are
mitigate the risk of unforeseen losses.
utilizing these insights to tailor their virtual events and enhance the attendees’ experience.
6. Rely on a decentralized structure of meeting management: A decentralized strategic
4. Adoption of a formal meeting policy:
meetings management (SMM) plan will be
Your meeting policy should be structured in
preferred as local teams will be managing
explicit language and incorporate the use of
more domestic events. The centralized team
preferred hotel or transportation suppliers,
can allocate funds and supervise operations,
followed by safety and security protocols and
but the owner of an event production can lie
payment methods.
on the local teams.
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Across all regions, growth in hybrid and virtual meetings is being witnessed. If you’re looking to host business events online, please contact JTB Pte. Ltd Asia Pacific Headquarters Business Promotion Division today to learn more.
JTB Pte. Ltd Asia Pacific Headquarters Business Promotion Division 79 Anson Road #12-01 Singapore 079906 DDI: +65-6593-8426 HP: +65-8111-4237 takaoka_h.hq@jtbap.com 1. Secondary Sources, Beroe Analysis 2. Secondary Sources, Beroe Analysis