40-41 M&E feature 29/1/09 12:24 Page 40
40 meetings & events
he growth of the meetings and events sector name to the Institute of Travel and Meetings, reflecting
T
provides travel management companies with the importance of M&E. Meanwhile, scores of TMCs
a valuable revenue stream on top of the – including Co-operative Travel Management and
money they make from standard transaction Carlson Wagonlit Travel – have insisted they will
fees and consultancy. In recent years, invest- continue to invest in this area.
ment in the sector has burgeoned, and intermediaries With the changing economic landscape in mind,
from the travel management and hospitality sectors meetings planners are trying to predict how M&E
have scrambled to get a piece of the action. spend will hold up and how they will have to adapt
But amid the growing financial crisis, the boom time to the changing needs of the corporate.
for M&E is almost certainly over. Last month American
Express and Meetings Professionals International Calling in the experts
conducted a joint survey of more than 2,700 industry Paula Cullen, Co-operative Travel Management’s
professionals. The conclusion drawn was that companies director of business travel, admits some corporate
around the globe are cancelling large meetings and clients are cutting back on meetings spend, but she’s
clamping down on spend in preparation for economic confident there are others who have yet to explore
stagnation. MPI’s president and chief executive, Bruce the benefits of managed meetings spend.
MacMillan, has been reported as saying: “After three “Existing customers will be looking for more value
strong years, the global meetings and events industry for their money,” says Cullen. “They will be relying on
is coming to grips with a major paradigm shift.” our expertise when it comes to booking venues and
While no one would doubt the survey’s findings, the related travel and accommodation. It’s the expertise of
actual scale of the decline is arguable. Next month the the TMC that companies who are looking to cut costs
Institute of Travel Management will vote to change its during these difficult times will benefit from. There is
Meetings sector
counting
the pennies
The meetings and events industry is feeling the impact of major
corporate belt-tightening. But TMCs can be of value to buyers
looking for cost-cutting expertise. Martin Ferguson reports
ttgbusiness.com ❖ february/march 2009
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