In MPI’s upcoming Q2 2024 Meetings Outlook report (publishing later this month), respondents reveal a notable pullback in expectations for favorable business conditions over the next year in the latest Meetings Outlook, with 68% expecting to see them materialize.
That is the lowest since Q1 2022, when 65% projected favorable conditions. Additionally, only 15% of respondents are anticipating business conditions over the next year will be more than 10% better—the lowest since Q2 2020.
At the same time, full-time hiring is relatively flat, according to 53% of respondents, with 16% noting a decrease. The full- and part-time hiring data mirrors the same movements this time last year, so this may merely reflect seasonal changes.
The pullback in optimism could suggest a normalization of the marketplace, given that results are more in line with what was observed immediately prior to the pandemic. Live attendance remains strong, and virtual/online attendance is up, the highest since Q2 2022.
Some of the brightest spots in the Q2 Meetings Outlook address the event elements that industry professionals believe had the greatest impact on overall success for their meetings and events in 2023 and will have the greatest impact throughout 2024.
Destination appeal, networking receptions and the ability to have spontaneous conversations were the top three cited by survey respondents both looking back at last year’s events and projecting through to the end of this year.
Look for the complete Q2 2024 Meetings Outlook report in late May; additional coverage, focusing on event food and beverage and based on data from the same survey, will be published in the May issue of The Meeting Professional magazine.
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