Industry Trends
Discover the latest MICE industry trends in our November 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: November 2023
Data Point #1:
61% of planners say the top challenges they face today when sourcing their events are increasing hotel costs and receiving complete hotel proposals on time.
Source: HopSkip
What this stat tells us:
Planners are grappling with two primary challenges that are shaping the industry: escalating hotel costs and the struggle to find available hotel spaces. This data underscores a pivotal shift in the event-sourcing ecosystem, highlighting the increasing financial pressures and logistical complexities planners face.
It reflects the growing need for efficient, cost-effective solutions to streamline the event planning process. This trend impacts budget allocations and necessitates a strategic approach to sourcing, emphasizing the importance of innovative tools and partnerships that can alleviate these challenges and enhance the overall hotel event sourcing experience.
Data Point #2:
43% of hotels say their top challenges are agreeing to contract language requested by the event planner and slow decision-making time to award the booking.
Source: HopSkip
What this stat tells us:
Hotels are grappling with two major obstacles. The first one is the difficulty in agreeing to the contract language requested by the event planner. This could arise due to differing expectations, legal concerns, or a lack of alignment between the parties.
The second challenge highlighted is the slow decision-making time to award the booking. This delay in final decisions can hinder the planning process and potentially lead to missed opportunities. These findings shed light on the need for improved communication, negotiation, and decision-making processes between event planners and hotels. Both parties must find ways to overcome these challenges and work together more effectively to ensure successful and seamless events.
Conclusion:
In conclusion, the HopSkip Market Analysis for November 2023 reveals the current state of the event planning and hotel industry. The data highlights a landscape marked by significant challenges on both sides: planners are struggling with increasing hotel costs and the need for timely, complete proposals, while hotels are wrestling with contract negotiations and slow decision-making processes.
These challenges underscore the need for enhanced communication, streamlined negotiation, and efficient decision-making strategies. The path forward for both planners and hotels lies in adopting innovative tools and fostering stronger partnerships. Doing so allows both parties to navigate these complexities more effectively, leading to more successful and cost-efficient events.
This analysis sheds light on the existing hurdles and points towards collaborative solutions that can benefit the entire industry, making the event planning process more seamless and mutually beneficial for all parties involved.
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.