The balance of power will shift from sellers to buyers next year in the global MICE market, according to the Ibtm annual trends report.
The study points to a “quiet optimism” towards global economic performance despite the “turbulent geopolitical and economic environment”.
The 12th edition of the report makes forecasts for the industry’s performance in 2017 and analyses the major trends in the global MICE industry for 2016.
It showed that for global meetings and events in 2017, cost per attendee per day will rise 3 per cent in Asia Pacific, flat in Europe and 3-5 per cent in North America. Latin America will see a fall of 10 per cent.
Report author Rob Davidson said: “Given this year’s political rollercoaster, with the result of the EU referendum and the US election, there is a strong probability that in 2017 our industry will be once more obliged to show that it is capable of prospering in the face of new challenges, some of them as yet unknown.
“We are much better placed to respond to these challenges now than at any other time in our history, as our industry is now robustly underpinned by widespread professionalism and a sound education and training system that supports the industry’s existing and future professionals.
“The meetings and events industry has seen global growth in 2016, with increasing demand for our services and facilities as well as, in many world regions, increased budgets.”
Read the full report