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The meeting season
October and November are the cash cows of the meeting and convention industry, says Meetings & Conventions Magazine in a recent report.
This year, they will bring in an estimated $8 billion. Hotels and airlines are most significantly impacted industries.
The report noted that the planning timeframe is up 5&, with events now averaging two years from start to finish.
“Coupled with an average of 14 meetings a year for a typical association, association staff resources can be stretched thin, as almost half do not have full time staff devoted to meeting planning,” the report said.
Association management companies are growing as a result.
“The trend is expected to continue, since 94% of meeting planners surveyed in the report noted that they plan to have the same or smaller budgets in the coming year,” said the magazine.
Other trends include:
· The volume of meetings is up 12% over the last two years.
· Corporations and associations almost split the distribution of the $28 billion meeting market.
· Meeting planners including in-house, independents and association management companies manage 14 to 17 meetings a year.
Report by David Wilkening
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