The results of the fifth IBTM Global Meetings Industry Research China and Asia have been launched at CIBTM 2013 (www.cibtm.com) and the research is promising, indicating that Asian economies continue to show higher growth figures than elsewhere in the world.
The findings state that ‘the top three countries from Asia are taking 23.7% of the world’s total international meetings and Singapore is at number one position with 10% of the world share.’ Japan follows with 7.4% and Korea Republic third with 6.3%.
The research study, which was was based on the responses of 300 buyers and 155 suppliers from the meetings and events industry also confirmed that 60% of buyers has seen an increased volume of events over the last 12 months and 55% predicted continued growth over the next 12 months.
Further to this, 55% had seen an increase in budgets and 53% expect continued increases. 57% of respondents also said that meetings and events business in Asia will increase in the next 12 months and 27% said it would stay the same.
The 68% of buyers who had provided responses for this research sample had organised over 6,100 events in China in the last twelve months (an average of 44 events each) which is a much higher figure than was was identified in the 2012 research results.
The findings also confirmed that the average spend per buyer on events in China was $818,038 with overall spend of $207,075,000 on events in Asia by all buyers in the sample. Mean spend per country per buyer throughout Asia was $224,453 and mean budget per event was $48,798 (up from $45,877 in 2012).
Outside of Asia, the top 10 countries identified by respondents as preferable destinations for events in the next 12 months were USA, Australia, France, UK, Germany Italy, Canada, New Zealand, UAE and Switzerland. Compared with last year, France has overtaken Italy and Switzerland is more popular than it was last year.
In conclusion, respondents identified the key factors having most impact on their event business in the next twelve months to be:
- Business development and expansion
- Market changes and increased demand
- Rising costs – air fares, hotels, venues
- Technology
- The economy in China and globally
- New event styles and new destinations
- Government policy
- Global political stability
CIBTM 2014 takes place on 17-19 September 2014. To find out more information or to view the full research report, visit www.cibtm.com
