Global DMC Partners Shares Trends and Insights at 10th Annual Connection
WASHINGTON, June 25, 2024 /PRNewswire/ -- Global DMC Partners (GDP), the largest global network of independent destination management companies (DMCs) and specialized event service providers, recently concluded its 10th annual Connection in Punta de Mita, Mexico, June 6-9. Co-hosted by local DMC partner Tropical Incentives and host hotel Conrad Punta de Mita, this year's highly anticipated event held up to its decade-long standing as one of the industry's most educational, collaborative and global conferences. Nearly 200 attendees traveled from every corner of the globe to learn key insights and trends, share best practices and foster new and existing relationships through in-person networking, one-on-one business appointments, peer-to-peer breakout sessions and engaging off-site activities.
In her keynote address, Global DMC Partners President and CEO Catherine Chaulet provided a comprehensive analysis on the state of the industry with invaluable insights for business leaders and meeting planners navigating today's ever-evolving economic landscape.
Economic Resilience and Inflation Trends:
- Steady Growth: Despite global uncertainties and negative news stories from the media, growth actually remains steady with inflation returning to target rates.
- Resilience Across Markets: Unexpected resilience in various global markets suggests a soft landing for the economy.
- Inflation Challenges: Although inflation and energy prices are decreasing faster than anticipated, certain sectors, particularly meetings and events, continue to face higher inflation rates.
Impact on Meetings and Events:
- Rising Costs: According to Global DMC Partners' 2024 DMC Survey, DMCs report a significant 30 percent increase in pricing across airfares, accommodations, staffing, and other essentials, with 79 percent of event professionals noting higher expenses, according to Boldplus.
- Budget Adjustments: Budgets are increasing primarily to offset rising costs rather than expanding services or experiences.
- Top Challenges: Planners are grappling with higher costs, budget management, availability of venues and timely approvals from decision-makers. Meanwhile, DMCs are challenged by overall market pricing, working with clients' budgets and meeting the deadlines of shorter lead times.
Creative Solutions and Trends:
- Creativity is a huge challenge, particularly when coupled with tight budgets
- Sustainability and Simplicity: A heightened commitment to sustainability and a renewed focus on smaller, simpler meetings
- Innovative Partnerships: Stronger collaborations with vendors to expand talent and access to resources
- Out-of-the-Box Thinking: Creative approaches in decor, food and beverage, audio-visual solutions, and leveraging AI for cost management and efficiency
Trends:
- Sustainability: Forty-five percent of attendees reported during a live poll that they struggle with incorporating sustainability into programs and forty percent indicated that they find sustainability overwhelming. A panel session dedicated to CSR and Sustainability in events gave attendees practical strategies and inspiration on how to incorporate sustainability and give back initiatives more systematically into their global programs.
- Wellness Initiatives: A growing emphasis on wellness programs that include healthy food choices, advanced recovery technologies and work-life balance
- DEI Commitment: Enhanced focus on diverse speaker panels, accessible venues and inclusive programming to foster collective belonging
Technology and AI:
- Generative AI: The event sector is experiencing a significant boost in AI applications, projected to grow to $1.8 billion by 2024, according to Allied Market Research, enhancing everything from content creation to participant engagement and data analysis.
- A live poll at Connection revealed that Chatbots are the most popular A.I. tool with 42 percent of attendees reporting usage
Destination Selection:
- Geopolitical Factors: Elections, wars, and economic tensions significantly impact destination choices, with a preference for budget-friendly, accessible locations.
Chaulet concluded, "Our 2024 trends report underscores the importance of adaptability and innovation in the face of today's economic and industry-specific challenges. By leveraging these insights, planners and businesses can strategically navigate the landscape, ensuring successful and impactful events."
For more information, visit www.globaldmcpartners.com.
Contact:
Claire Kunzman
[email protected]
407-227-8867
SOURCE Global DMC Partners
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