The global meetings and events sector is set to increase during 2017, according to a study by Carlson Wagonlit Travel.
The TMC is predicting that there will be growth in the market next year, although there may be “decreased client meeting spend in some regions”.
CWT also said that lower economic growth rates around the world could allow event buyers and planners the opportunity to “get the very best value for money and reduce the cost per attendee”.
Cindy Fisher, vice president and global head of CWT Meetings & Events, said: “Heading into 2017, our forecast predicts significant growth in meetings and events for regions around the world.
“By being flexible with timing and destinations, planners can take full advantage of the current market to optimise their meetings and events and produce better results.”
In Europe, CWT said that strict company policies and reduced budgets could lead to increased bookings of midscale hotels as venues for meetings and events.
CWT is predicting that group sizes for meetings in Europe will rise by six per cent in 2017, while the cost per attendee per day will be remain flat.
Ian Cummings, vice president EMEA for CWT Meeting & Events, said: “Despite security incidents and Brexit causing uncertainty, the EMEA markets continue to spend on dynamic face-to-face engagements.
“Budgets have remained similar to prior years and we have seen numerous repeat large events being considered or booked for 2017.”
In North America, CWT believes that there will be a move towards a “buyer’s market”, as the supply of hotel rooms is set to outstrip demand for the first time since 2009. Despite this, CWT is still predicting that average attendee costs will rise by 3-5 per cent in 2017.