CWT Traveler

November 2018

CWT

The events sector is on course for growth, many destinations remain long-time favorites

According to the 2019 CWT Meetings & Events Future Trends Report, events are becoming more popular: In 2019, the number of events companies hold will grow by around 5 to 10 percent. The average size of an event is also set to increase in almost all regions worldwide.

Rising costs
This may be good news for conference locations and transportation companies that cater to events, but it presents a challenge for event planners: Growing demand for all services related to meetings and events will inevitably result in higher prices. On the one hand, expectations are rising: Events must have a “wow” effect and create an unforgettable experience. Locations have to be out of the ordinary and offer much more than standard conference hotels. On the other hand, digitalization is also key when it comes to personal experience, and innovative technology such as augmented and virtual reality is used more and more. The report also predicts an increase in hotel rates of 3.7 percent and a rise in air fares of 2.6 percent. If customers choose one of the most fashionable destinations for their event, this also affects the costs. In the EMEA region, these are the following:

It would seem that the terror attacks of 2016 and 2017 in Germany, Great Britain, France and Spain have done nothing to detract from the popularity of London, Paris, Barcelona and Berlin. They remain highly popular destinations for events. And although Brexit is a constant source of uncertainty, London continues to top the list. Moscow is also in the top ten, presumably because of the World Cup in Russia.

Nevertheless, second-tier cities like Liverpool or Manchester are gaining popularity, and if the situation in Greece continues to stabilize at the current rate, Athens will also be a sought-after destination. Particularly the Greek islands are now considered an interesting alternative for incentive trips.

How to keep your costs under control

Being flexible in the choice of location is one way to keep the cost of events down. Even outside major cities, there are more and more attractive venues for events that can be up to 40 percent less expensive.

Other ways to keep rising costs under control or even to reduce them are:

  • Strategic meeting management (SMM): This can help to save costs considerably, for example up to 19 percent on hotel stays. It also makes research and purchasing more efficient, saving you up to 22 percent more time.

  • Booking at the right time: Event planners should book smaller meetings at least 30 days in advance, and larger events at least 75 days beforehand. Otherwise they can lose up to 10 percent on potential savings.

For more tips, trends and insights, read the 2019 CWT Meetings & Events Future Trends Report or download it as a PDF here.

Alternatively, you can contact us directly. We will be happy to help: CWT Meetings & Events
Tel +49 (0) 69 15321 1031
events.sales@cwt-me.com
www.cwt-meetings-events.de

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