Meeting Professionals International (MPI), an organization for meeting and event professionals, published its Meetings Outlook, 2014 Fall Edition.
The newest installment of the quarterly special report shows increasing costs for services across the meeting and event spectrum. This is in concert with only slight budgetary growth, which is setting up a more challenging year ahead.
Key predictions for 2015 include the following:
- Costs will increase greater than budgets with air travel (5 percent) and F&B/catering (4 percent) growing the most.
- Overall budget growth: 1.7 percent.
- Organizations are investing more in employees.
- Of all meeting/event types, training, educational events and sales meetings will grow the most.
- Incentives will also be on the rise after several weak years.
- Overall business for meeting and event professionals in the U.S. and Europe will grow at 3.2 percent and 3.6 percent, respectively.
To view the full report, visit www.mpiweb.org/meetingsoutlook.