Hotel rates will grow 3.7% and flight prices 2.6%
The demand for meetings and events will grow between 5% and 10% in 2019, and the average size of meetings will increase in almost all regions of the world, according to the 2019 Report on future trends in meetings and events, published today by CWT Meetings & Events, division of the global travel management company Carlson Wagonlit Travel (CWT).
This increase in global demand will also lead to an increase of 3.7% in hotel rates and 2.6% in flight prices.
The optimal time to book a meeting or event for a small group is more than 30 days before the trip, while for large groups this term increases to more than 75 days. Outside of these reserve times, buyers give up potential savings of between 5% and 10%.
Technology will have a relevant role next year. More attractive experiences and more specific learning will be created, while enabling the capture and subsequent analysis of data. Augmented reality, virtual reality, artificial intelligence, social media, applications ‘ad-hoc’ and ‘microsites’ are some of the technologies that will proliferate in the meetings and events industry.
CHECK THE RETURN OF THE INVESTMENT
The new technologies also enable more intelligent ways to check the return on investment (ROI) and the return of the event (ROE): for example, using data to adjust the value around the meeting programs and making transportation reservations. groups through applications and online booking tools.
In fact, these platforms can be integrated into the event registration process, giving attendees access to preferred flights and hotels in one place. The management of online reservations, as in business trips, will also help reduce costs for customers. Another prominent trend for the transportation of groups will be to use suppliers of global reach.
The CWT report also detects that in the coming years, suppliers will opt to improve the experiences of attendees at meetings and events with original meeting locations, especially in outdoor spaces.
The content will also undergo a major change. Next year will continue to develop new formats of collaborative events, in which participants are involved in the process of creating content through questionnaires, in the joint identification of the topics to be discussed and in the election of speakers.
It is expected that air fares in Western Europe will be the fastest growing in the world, with an expected increase of 4.8% in 2019. However, the outlook is different in Eastern Europe, where rates are expected to fall by 2%. , 3%, while in the Middle East and Africa there is a similar downward trend, around 2%.
Likewise, hotel prices in Western Europe are expected to experience the largest increase in the world, with increases of up to 5.6% next year. In Eastern Europe, the forecast is for a 1.9% decrease in hotel rates, while the forecast for the Middle East and Africa is a decrease of 1.5%.
With regard to Latin America, it is expected that the economic growth of the region will remain relatively slow next year. Hotel prices will fall by 1.3% in 2019, while prices of air fares will fall by 2%.
In North America, the region’s buoyant economy will boost the growth of the meetings and events market, which will grow by 14% in the size of the groups in 2019. CWT forecasts that hotel average prices will grow by 2.8%, in addition to the increase the price of oil will also increase the price of flights that could increase by around 1.8% in 2019.
Finally, the Asia Pacific region is expected to lead global growth in 2019. Air fares are expected to increase by 3.2% in 2019 and hotel rates to increase by 5.1%. With such strong growth throughout the region, companies are increasingly willing to spend on meetings and events.