Industry Trends
Discover the latest MICE industry trends in our June 2023 market analysis. Learn insights to navigate the evolving MICE landscape.
Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month, and we share those data points with the rest of the community.
HopSkip Market Analysis: June 2023
Data Point #1:
35% of planners agree compression in the market is their top sourcing challenge in Q3 2023
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Source: HopSkip Q3 2023 Market Survey
What this stat tells us:
This suggests that over a third of planners view market compression — the high demand for limited event space and accommodations — as their primary sourcing challenge in the third quarter of 2023.
The demand for venues and accommodations is outpacing the supply due to the resurgence of in-person events. Planners may struggle to find suitable venues and accommodations for their affairs within their desired timelines and budgets, especially in the top markets.
This points towards a need for increased flexibility in planning, as well as the use of advanced booking tools and strategies to navigate this competitive marketplace.
Data Point #2:
53% of hoteliers reported that agreeing on event contract terms is their top sourcing challenge in Q3 2023
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Source: HopSkip Q3 2023 Market Survey
What this stat tells us:
This statistic reveals that more than half of hoteliers consider negotiating event contract terms as their primary challenge when sourcing in the third quarter of 2023. It showcases the growing complexity of event agreements, which can be attributed to the widespread cancellations caused by the pandemic, evolving client expectations, and the ongoing uncertainties in the global landscape.
The focus on contract terms underscores the importance of collaborative efforts between event planners and hoteliers to reach agreements that satisfy both parties' needs while minimizing potential risks. Additionally, this highlights an opportunity to develop tools and solutions that simplify contract negotiation and sourcing processes, making them more efficient and less time-consuming.
Conclusion:
Navigating the MICE industry's current dynamics presents challenges and opportunities for event planners and hoteliers. As these recent data points illustrate, complexities in contract negotiations and compression in the market are shaping the landscape in Q3 2023.
As the industry evolves, so does the need for enhanced negotiation skills, flexibility, advanced booking strategies, and effective use of available tools. Amid these challenges, however, lies the potential for collaboration and innovation. By embracing these opportunities, planners and hoteliers can drive the industry forward, resulting in improved experiences and more successful events.
Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month, and we share those data points with the rest of the community.