KEY MARKETS – BY WORLD REGION Europe
According to the Advito 2013 Industry Forecast, there was a strong start to 2012 in Europe, with spending on corporate meetings up by between 10 and 15 percent on the previous year. After several years of depressed spend on meetings, many companies appear to decide at the beginning of 2012 that they would invest more in improving long-term communication with their customers and staff. However, there was a marked slowdown in Europe towards the end of the second quarter, once again because of fears about the euro crisis. Some companies carrying out mid-year budget reviews opted to scale down their original meetings plans.
According to the same source, lead times lengthened briefly at the beginning of the year, when buyers felt more comfortable about their corporate meetings budgets, but then they began shortening once more, to the point where some clients were waiting until just a few weeks before their planned event. And even though they often understood that the delay could lead to higher rates, they were hesitating because they were unsure whether the meeting will go ahead.
In Europe, the situation regarding the association meetings market looks much more buoyant. According to the latest statistics released by the International Congress and Convention Association (ICCA), 15 out of the top 20 destinations for international association conferences were European cities. The top four destinations (Vienna, Paris, Barcelona and Berlin) are located in Europe.
Currency fluctuations may explain some of the appeal of Europe as a destination for corporate as well as association conferences. The current strength of the US dollar against the euro means that Europe has become a more financially attractive destination for US buyers than it has been for several years. Additionally, perhaps in part because of the weakened value of the euro, more European meetings were held closer to home in 2012, according to Meeting Professionals International’s (MPI) Business Barometer, with 69 percent remaining in Europe, up from 63 per cent in 2011 and 36 percent in 2010.
Regarding business travel, a key source of data is the GBTA (Global Business Travel Association) BTI™ Outlook – Western Europe report, a semi-annual analysis of the five most critical business travel markets in Europe: Germany, the UK, France, Italy and Spain. These five markets together form the lion’s share of business travel in Europe, accounting for nearly 70 percent, and provide a barometer for the health of the entire European business travel market. The report, sponsored by Visa Inc., includes the GBTA BTI™, an index of business travel spending that distills market performance over a period of time.
Reed Exhibitions | EIBTM Trends Watch Report 2012 11
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