The meetings and events industry presents a positive outlook for the coming year worldwide, according to the latest study by American Express Meetings & Events - Global Event Forecast Report 2020 - with widespread growth in spending. In Europe, Germany, Spain and France will pull this increase.
"From a general point of view, it is inspiring to see an optimistic outlook for the meetings and events industry for 2020. Events are consolidating as a critical factor in communication, growth and commitment for companies of any sector and size," says Gerardo Tejado, CEO of American Express Meetings & Events. Where meeting spending is expected to grow most is in Central and South America (2.6%), followed by Europe (2.1%), North America (1.6%) and Asia-Pacific (1.3%).
On the other hand, the report reflects a greater importance on the part of event organizers to the experience of attendees, emphasizing that they would give priority over logistics in order to boost their involvement in events. They are also observing how to integrate technology into events to offer more original experiences. "The challenge for event organizers now is to take better advantage of what is available to them: to create unique experiences for attendees, to use technology to achieve a specific goal, and to meet the demand for personalized experiences," adds Tejado.
In Europe, expenditure on meetings and events is expected to grow by an average of 2.1%, with Germany (3.4%), Spain (3.1%) and France (2.5%) standing out. The main challenges faced by European event organisers are compliance with data protection regulations (RGPD) and political instability caused by Brexit. Organisers will need to consider how to deliver an event experience while still complying with the RGPD.
American Express Meetings & Events has also targeted major European destinations for the organization of events in 2020. The most requested will be, in this order, London, Berlin, Barcelona, Paris, Amsterdam, Madrid, Frankfurt, Rome, Prague and Munich.
The situation in other regions
In North America, expenditure in the sector is expected to grow moderately, by 1.6%, and organisers are seeing that their work in event management is bearing fruit. After years of promoting policy compliance, three out of four companies have implemented formal approval processes.
Central and South American professionals foresee a stable year for the meetings and events industry. Spending growth in this sector will be 2.6%. The outlook is also optimistic when it comes to incorporating technology to improve attendee experience. Likewise, event policies are also being formalized in the region; according to respondents, to date, 81% indicate having a centralized policy and approval processes.
Finally, in Asia-Pacific the growth in event spending will be more modest, at 1.3%. Event organizers continue to seek efficiency while striving to keep attendee experience at the heart of their strategies.
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