Attendee costs 25% higher than pre-pandemic – study
Two reports this week highlight how economic developments are hitting the pockets of planners.
A study by CWT shows attendee costs are now 25% higher than in 2019, while another reveals how eventprofs are having to increase budgets to tackle inflation.
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Attendee costs soar 25% since 2019 – study
The average cost per attendee is around 25% higher than pre-pandemic levels, according to a new report.
Findings from CWT also show spending hikes will hit the pockets of visitors a further 7% in 2023.
It suggests that an influx of events – coupled with shorter lead times – are driving up prices across venue hire, accommodation, food and production.
Global travel prices are predicted to continue to increase in the remaining months of 2022 and throughout 2023, according to the 2023 Global Business Travel Forecast, published today by #CWT and @GlobalBTA. https://t.co/lR0CxjQ8Tf#GBTA #Forecast #BusinessTravel pic.twitter.com/rSKvWhtl3Z
— CWT (@my_CWT) August 10, 2022
The Global Business Travel Forecast said: “Barring any severe geo-political risks, or further tightening of Covid-related restrictions in 2023, prices are likely to continue increasing, just not at the rate observed in 2022.
“While prices will remain at a premium next year, buoyed by continued demand, corporate budgets are likely to be reassessed and expectations revised in line with this.”
The report comes after many people left the events industry during the pandemic, creating a hot labour market.
CWT claims it is likely that higher food and beverage prices are linked to global inflation and the impact of Russia’s invasion of Ukraine.
Budget increases for eventprofs ‘forced by inflation’
More than two thirds of events business are being forced to increase budgets to meet inflation and the cost of living crisis, according to a new study.
Findings from Global DMC Partners show 68% cite rising costs as the reason behind increases in spending limits.
More than half of respondents (52%) said budgets for meetings have increased from 2021 to 2022, while 41% reported growth for 2022 to 2023.
The Meetings and Events Pulse Survey said: “Many respondents cited in their comments that rising travel, flight and hotel costs are also causing budgets to increase.
“In addition, rising airfare costs are affecting the chosen destinations for many planners. Some cited in their comments that their organisations or clients are choosing locations based on where the majority of their attendees are located, or locations that are closer or less expensive to help offset the rise in airfare costs.”
Other reasons behind budget increases included programme format changes (29%), company decision (29%), change in attendee numbers (23%), while 18% said it was another reason and 10% were unsure.
Questex launches new Hospitality Show
Questex is partnering with a major travel accommodation organisation to launch a new exhibition.
The organiser has teamed up with American Hotel & Lodging Association (AHLA) to create the Hospitality Show.
It will be hosted in Las Vegas in June as a three-day event, bringing industry leaders together to meet and conduct business.
Questex Hospitality Group president Alexi Khajavi said: “The Hospitality Show will serve as the rally point for hospitality professionals across all aspects of the industry to gather, build relationships and get business done. The timing is perfect for an industry event that brings the entire ecosystem together in one place.”
Tech and sustainability focus for International Travel Show
The International Travel Show has revealed a packed programme of content covering changes in technology, sustainability and responsible tourism.
Participants are set to descend on New York in October for the show which has a theme focusing on the future of the industry.
Day one of the event will be open to trade only, while it will be widened to the public for the following two days.
A line-up of executives and thought leaders is still set to be announced but are expect to who will speak on industry recovery, innovation and responsible travel.
The latter covers the safety, welfare, and survival of travel destinations and the communities served by tourism.
EICC staff recognised for pandemic work
Staff at a major conference venue in Edinburgh have been recognised for helping the coronavirus vaccination operation.
Scotland’s capital is currently hosting the Fringe – the world’s biggest arts festival – with the city growing in size massively over its duration.
But during 2021, the Edinburgh International Conference Centre (EICC)’s doubled as a major vaccination centre with four guards from Croma Vigilant on site each day during the period to ensured security of stocks.
Paul Williamson, executive operations director at Croma Vigilant, said: “2021 was a challenging year for so many people – our EICC based security team had to adapt rapidly from an event stewarding mindset to an empathetic patient care setting alongside the NHS.
“While being a very different brief for us, it was great to be involved in such a vital programme which supported the health of our community, this was such a rewarding experience on many levels and showed the versatility of our security team.”
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