MPI’s Q3 Meetings Outlook reveals a cautiously optimistic industry navigating a balanced market and budget constraints
Despite lingering economic concerns, the meeting and event industry is demonstrating a steady hand, according to the latest Meetings Outlook report from Meeting Professionals International (MPI). The report, which provides a comprehensive forecast of industry trends, reveals a cautiously optimistic outlook for 2025, with 72% of respondents anticipating favorable business conditions and budgets.
In-Person Events Still Shine
The report highlights the continued dominance of in-person events, with 76% of respondents projecting favorable live-event attendance. This marks a significant increase from the previous quarter and underscores the enduring value of face-to-face interactions. “All the big conferences are back,” says Alicia Schiro, founder of Aced It Events in New York City. “If people can afford it, they’ll invite more, [however] some of my clients have struggled with attendance.” Schiro notes that while established companies like Dell and Microsoft can readily attract attendees willing to pay their way, newer companies face challenges in securing attendance and engagement
A Balanced Market Emerges
For the first time in five years, the report indicates a balanced market landscape, with 43% of respondents describing the current environment as a seller’s market, 31% as a buyer’s market, and 26% as neutral. This shift suggests a potential softening of the seller’s market that has dominated the industry in recent years.
Budget Projections Remain Stable
While budget projections remain stable, with 72% of respondents expecting favorable conditions, there are signs of caution. Notably, the percentage of respondents anticipating budget increases greater than 10% is at its lowest point since 2021. This suggests that event planners are navigating a complex environment marked by cost increases and economic uncertainty.
Navigating the Road Ahead
The MPI report paints a picture of an industry that is cautiously optimistic yet mindful of potential challenges. As the market landscape continues to evolve, event planners will need to remain adaptable and strategic in their approach to ensure the success of their events. Key takeaways:
In-person events remain strong: Prioritize face-to-face interactions to maximize engagement and value.
The market is balancing: Leverage this shift to negotiate favorable terms with vendors and venues.
Budget constraints are a reality: Explore cost-effective strategies and prioritize essential expenses.
Stay informed: Monitor industry trends and economic developments to anticipate challenges and opportunities.
Any thoughts, opinions, or news? Please share them with me at vince@meetingsevents.com.
Photo: MPI
