Mpi Economic Insights For 2016

Meeting Professionals International held an event on 18th January 2016 with a mix of agencies, suppliers, consultants and venues to look at trends and predictions for 2016.  Speakers included leading economists and Jacqui Kavanagh of Trinity was on the panel of events industry specialists.

Here is a summary of the findings from the session, but if you would like more information, please contact Katharine Jordan for a copy of the report.

The Global Outlook

• Business in Eurozone is looking better in 2016 with Germany in particular showing strong growth
• Cautious actions are required in the emerging economies, particularly China where there is a lack of clarity on the rate of decline
• Oil prices should produce a positive effect on consumer spend but are unlikely to change air fares

Events forecast for 2016

• 3.8% increase predicted in event spend
• USA, Malaysia and UK are the top three destinations for business travel in 2015 – 2017
• Geopolitical concerns are high but this isn’t currently reflected in client choice
• Groups are now seen as collection of individuals with different needs
• We’re seeing more internal meetings for strategizing
• Clients are booking later meaning the best prices aren’t always available
• The incentive sector is growing, with room for new businesses