Industry Trends
Discover the latest MICE industry trends in our September 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: September 2023
Data Point #1:
37% of planners say their top challenge they face today when sourcing hotels for their events is finding availability.
Source: HopSkip
What this stat tells us:
The fact that more than one-third of planners find availability to be their biggest challenge implies that demand for event spaces, particularly in hotels, may be outstripping supply.
This could be a sign of a robust rebound for the MICE industry post-pandemic and/or may reflect a backlog of postponed events.
Data Point #2:
48% of hotels say their number one challenge is agreeing to contract language requested by the event planner.
Source: HopSkip
What this stat tells us:
Nearly half of hotels identify contract language as their top challenge when dealing with event planners. This indicates a possible mismatch between what event planners are looking for and what hotels are willing or able to provide.
It may also point to an increased scrutiny on contracts due to experiences during the COVID-19 pandemic, where unforeseen cancellations and other disruptions led to complex legal disputes and financial penalties.
This suggests that there may be a growing need for standardization, or at least greater clarity and simplicity, in event contracts to accelerate the planning process and reduce potential conflicts.
Data Point #3:
40% of planners say it takes one to two weeks to receive a 70% or greater RFP response rate.
Source: HopSkip
What this stat tells us:
The data reveals that event planners face a significant challenge in receiving timely responses to their Requests for Proposals (RFPs), with a staggering 40% of planners wait up to two weeks to receive a 70% or greater response rate.
Event planners rely heavily on the timely availability of hotels for their events, and the current situation presents a hurdle in their planning process. With such a substantial number of planners experiencing this delay, it is evident that there is room for improvement in the industry's response time.
This issue not only affects the planners' ability to secure suitable accommodations but also impacts their overall event planning timeline and efficiency. This delay in obtaining satisfactory rates of response highlights the need for more efficient communication and streamlined processes in the industry.
Conclusion:
In conclusion, the September edition of HopSkip's Monthly MICE Market Analysis paints a picture of an industry on the rebound, but not without its set of unique challenges. From delays in RFP responses and difficulties in contract negotiations to the growing concern over venue availability, the data points underscore that both planners and hotels need to innovate and possibly reevaluate their traditional methods.
The mutual goal should be to create a more streamlined, efficient, and transparent planning process. Whether it's through faster response times, clearer contract terms, or a broader view of venue sourcing, the path forward will likely require collaboration and adaptation from all stakeholders.
As the MICE industry continues its recovery, those who adapt most effectively could find themselves at a significant advantage.
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.