IMEX America Index of Optimism poll released

According to North American buyers and suppliers, meetings market confidence is on the rise and the outlook for the worldwide meetings, incentive travel and events industry appears brighter than at any time over the past year.

The second IMEX America Index of Optimism poll of North American meetings industry buyers and suppliers found that optimism, as well as business levels, are higher than they have been for at least six months. The survey was conducted among 190 North American respondents, 43 percent of which were buyers, during March this year.

When asked if ‘demand for your services has grown during the past six months.’ nearly 73 percent confirmed that it had, while only 9 percent felt they had seen no growth. Just over 18 percent reported no change against the previous six-month period. These results remain consistent with previous patterns of growth and confidence shown in the poll.

The survey also questioned respondents about whether they have been attracting any business from new sources recently, extrapolating this as an indicator of general market health and potential expansion. Just over 79 percent confirmed they had been winning business from new sources, nearly 6 percent had seen no such trend emerging and for just over 15 percent, there had been no change.

Compared to the previous six-month period, just over 31 percent said that this pattern ‘was about the same’ as before but just over 65 percent deemed it ‘definitely better,’ suggesting that confidence and expectations are both higher than they have been for a while.

Respondents were also asked if they saw ‘evidence from the last six months that events are attracting more attendees or that spending per participant has increased.’ Nearly 55 percent responded positively, stating that they did see evidence, although nearly 25 percent saw no signs of such increases. Once again, results are almost exactly in line with previous findings, suggesting that although volumes of meetings and events business are returning, delegate behavior at those events has yet to return to pre-downturn levels.

Given further shifts in the format of meetings, conferences and events, such as the rise in hybrid meetings and open conferences, it is entirely possibly that these old success measures are gradually being overtaken by new profit and engagement metrics.

When it comes to accurately forecasting if the worst of the recent market difficulties are over, respondents appear reconciled to uncertainty for the time being. Although a slight majority, just over 35 percent, believes the worst is now firmly in the past, just over 30 percent do not feel the same way, and just over 34 percent are still simply ‘not sure.’

However, underlying these findings is a solid foundation of increased optimistic sentiment. Asked if they feel ‘more or less optimistic about the meetings industry than a year ago,’ 73 percent stated that they feel more optimistic than this time last year, 4 percent are less optimistic and a further 22.6 percent feel ‘about the same.’

Looking ahead, the survey asked respondents to identify if there is one reason above any other that they believe will guarantee the long-term growth of the U.S. meetings and events industry. At the same time, it sought feedback on their reaction to the recent “Economic Significance of Meetings to the U.S. Economy study” commission by the Convention Industry Council and conducted by PWC.

Responses to the first open question ranged from “I think technology is the key to the growth of our industry” to “the efforts of the U.S. Travel Association are key.” Others commented more generally that “you can’t do without or replace face-to-face meetings.”

Other observations tended to be about economic indicators and included “we need an improved and stabilized economy and an increase in jobs” and “stable pricing and lower oil prices will guarantee long-term growth.” Several other respondents pointed toward the drive for value.

Regarding the Economic Impact Study, many clearly felt that it had strengthened the credibility of the meetings industry and offset the fact that the sector has been ‘below the radar’ for too long. Many others were surprised at the economic size and significance of the sector compared to the U.S. automobile or IT markets, for example, and many observed that the study was conducted during one of the market’s worst years in recent history, suggesting that if it were undertaken in another year, results would be even more outstanding.