10 November 2021, Virtual
London, UK - November 2021
London, UK - December 2021
Price is not a key factor for buyers in the MICE sector, according to a report out today.
The study from GIBTM claimed there is a “myth” about price-conscious buyers as it came fourth on the list of most important factors when choosing a meetings and events venue.
When the study asked buyers which features were most important, price came in fourth (48%), behind ease of access (61%), safety and security (52%) and professionalism of staff (52%).
GIBTM surveyed more than 250 buyers from 10 countries in the Middle East to gain insights into their purchasing habits and the decision-making processes.
The study asked respondents about the least helpful type of behaviour of venue staff - Inflexibility in price negotiation came in fourth position (55%) behind venue changes not communicated (61%), slow staff response (58%) and staff turnover (58%).
It also found 97.5 per cent of respondents opt for hotels in terms of venue preference, which GIBTM claims sends out a “clear message” to properties of the need to invest in state-of-the-art facilities, technology and offer dedicated propositions.
“Understanding the traits and mindsets of buyers is critical to the viability of destinations, hotels and venues,” said GIBTM’s exhibition manager, Lois Hall.