Global DMC Partners’ Q3 2024 Meetings & Events Pulse Survey shows that the MICE industry continues to face ongoing cost challenges and the need for larger budget increases.

Released yesterday, the survey examines the factors currently driving decisions in the global meetings and events industry. Based on 165 responses collected from June 27 through August 9, the report covers a range of topics, including budgets, cost management strategies, lead times, DEI (Diversity, Equity and Inclusion) integration, sustainability practices, and industry adoption of artificial intelligence (AI) tools.

The survey polled meeting and event professionals, the majority of whom are based in the U.S. and Canada, with 20 percent in the U.K. and Europe. Respondents were divided between corporate/direct planners (37 percent), agency/third-party planners (40 percent) and association and independent meeting planners (23 percent), as well as other (freelancers and suppliers).

Key insights from the responses included:

• • Budget Disparities Worldwide – International planners may experience greater budget challenges, with only 27 percent reporting budget increases compared to 44 percent of U.S. and Canadian planners.
  • Budget Increases Are Not Enough – Among those with budget increases this year, 57 percent saw a 10 to 20 percent rise, which in many cases does not even cover inflationary increases, reducing purchasing power for planners and leaves no additional budget for creative or experiential program elements.
  • Continued Rising Costs – Higher costs remain the top challenge for planners, holding the top spot since Q4 2022.
  • Hotels, F&B, and A/V – When it comes to working with hotels and venues, higher accommodation, F&B and A/V costs are top challenges for planners, with nearly 80 percent struggling with accommodation rates and over 70 percent facing higher A/V costs most or all of the time.
  • AI Adoption – AI adoption within the MICE industry has increased substantially since the last survey at the end of 2023/early 2024. Thirty percent of planners in the last survey reported using it in their day-to-day lives, and now nearly half of planners say they use it frequently. ChatGPT and Microsoft CoPilot are the most widely adopted.

“Many of our clients are reporting having serious conversations with their end-clients, CFOs, or Finance Departments regarding increasing budgets in order to deliver the same types of programs as in previous years,” said Catherine Chaulet, president and CEO,  Global DMC Partners. “There has been an increase across the industry in meeting costs (hotel, F&B, AV, decor, etc.), and all budgets have had to increase to accommodate, so we recognize that it’s an ongoing challenge we will all need to address in creative new ways.”

Click HERE to access the full results of GDP’s Meetings & Events Pulse Survey.