Meetings & Events Future Trends Report Predicts 2019 Market Increase
October 2, 2018
Demand for meetings and events is on the rise. According to the recently released CWT Meetings & Events 2019 Meetings & Events Future Trends report, the meetings market will see an increase of five to 10 percent in 2019.
“The global meetings and events industry can look forward to a buoyant 2019,” said Kurt Ekert, president and CEO of Carlson Wagonlit Travel (CWT). “On top of growing demand worldwide, we also expect global hotel rates to rise 3.7 percent, and flight prices 2.6 percent.”
In most regions, meeting attendance numbers are also projected to grow, with a 14 percent increase predicted for North America. However, in the tech sector, the smaller roadshow model is also on the rise to provide more customized, experiential events.
The report examines the current global outlook for events, including ranking the top destinations for meetings and events within each region. It also includes top industry trends identified by CWT’s research plus insights and ideas to help event organizers hold successful meetings.
Contents include:
- Global landscape
- Regional forecast
- Ground transportation
- Venue trends
- Meeting technology
- Attendee experience
- Strategic meetings management (SMM)
Attendee experience is top of mind for planners, whether it’s delivered and tracked through innovative applications of technology, unique venues or “festivalization,” more engaging and interactive content or memorable moments.
SMM is predicted to gain traction in regions outside North America, where it is more mature. The data shows that SMM can cut the time spent on sourcing by 22 percent and deliver an average 19 percent additional savings on room nights.
“SMM tips the scales back in favor of clients by shifting sales towards preferred suppliers and analyzing demand to work out the optimum times to secure the best venues, hotels and flights – and lock in the best prices,” said Cindy Fisher, senior vice president and global head for CWT Meetings & Events.
From a practical standpoint, key insights include planning ahead to do more with a smaller budget; booking space last minute means forfeiting potential savings — as much as 10 percent on average. Small groups are recommended to have everything booked for their meetings a minimum of one month in advance, with at least two and a half months’ notice for larger events.
To read the full report, go HERE.
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Partner Voices
Just when it seems like Las Vegas can’t get any bigger, brighter or more exciting for groups, MGM Resorts raises the bar again. The company continues to invest and innovate across its portfolio of Las Vegas resorts, with new attractions and upgraded experiences for attendees of all interests.
Remodeled Guest Rooms
MGM Grand is the largest single hotel in the world with over 5,000 guest rooms and an 850,000-square-foot conference center. It is home to the newly remodeled MGM Grand Studio Tower—700 reimagined guest rooms with a fun mid-century vibe. Nearby, the iconic New York-New York Las Vegas Hotel & Casino recently completed a $63M redesign and remodel of its 1,830 guest rooms and 155 suites.
Down the street, Bellagio Las Vegas is sporting renovated rooms in the Spa Tower with sunrise-inspired decor and luxurious soaking tubs in Premier King rooms after a $110-million transformation.
Reinvented Luxury Experiences
The Luxury Meetings District, made up of Bellagio Las Vegas, ARIA Resort & Casino, Vdara Hotel & Spa, The Cosmopolitan of Las Vegas, Park MGM and NoMad Las Vegas, is now more connected than ever before. A new interior walkway opened this October for a seamless attendee experience – connecting Vdara, Bellagio, and The Cosmopolitan of Las Vegas, guests can now walk from Park MGM to Bellagio in around 15 minutes.
New on the scene in the Luxury Meetings District is Cathedrale at ARIA, TAO Group’s upscale establishment specializing in exquisite French-Mediterranean cuisine offering elevated private dining experiences that opened in May.
Heralded by World’s Best 50 Restaurants, GQ and VOGUE, LPM at The Cosmopolitan of Las Vegas is opening this fall and will deliver its signature spontaneity and imaginative celebration of France’s Mediterranean cuisine, art, and culture to the unique luxury resort in impeccable fashion.
A “New Wave for Mandalay Bay
A new wave of enhancements and experiences has arrived at Mandalay Bay Resort and Casino, including Flanker Kitchen + Sports Bar, an 8,445-square-foot restaurant that opened this June, perfect for pre- and post-game eats and drinks. Event planner’s favorite, Chef Michael Mina’s StripSteak, received a full renovation and now includes one of the largest private dining rooms on The Strip. Retro by Voltaggio debuts a one-year residency with a fun take on pop culture of the 80s and 90s with classic American dishes. An exciting addition planned for 2024 is Swingers, a 40,000-square-foot oasis of street food, miniature golf and art at Mandalay Bay.
Most exciting for meeting planners, the 2.1 million-square-foot Mandalay Bay Convention Center is undergoing a complete refresh, with lightened space, added eye-catching art, and improved technology infrastructure for even more flexible space. Energy-efficient digital signage now leads the way with faster internet speeds and new AV options.
From renovated guest rooms and meeting spaces to celebrated dining options and dedicated teams, MGM Resorts is dedicated to delivering exceptional and innovative meeting experiences.
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