MICE industry faces ongoing cost challenges and the need for larger budget increases WASHINGTON , Sept. 16, 2024 /PRNewswire/ -- Global DMC Partners (GDP), the world's largest network of independent Destination Management Companies (DMCs) and specialized event service providers, has published the findings from its Q3 2024 Meetings & Events Pulse Survey. The survey, conducted from June 27 to August 9 , includes 165 respondents, primarily event professionals from the U.
S., Canada , the U.K.
, and Europe . Respondents represented corporate planners, agency planners, and freelancers, among others. Key insights included: Budget Disparities Worldwide - International planners may experience greater budget challenges, with only 27 percent reporting budget increases compared to 44 percent of U.
S. and Canadian planners. Budget Increases Are Not Enough - Among those with budget increases this year, 57 percent saw a 10 to 20 percent rise, which in many cases does not even cover inflationary increases, reducing purchasing power for planners and leaves no additional budget for creative or experiential program elements.
Continued Rising Costs - Higher costs remain the top challenge for planners, holding the top spot since Q4 2022. Hotels, F&B, and A/V - When it comes to working with hotels and venues, higher accommodation, F&B and A/V costs are top challenges for planners, with nearly 80 percent struggling with accommodation rates and over 70 percent facing higher A/V costs most or all of th.