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Travel MONITOR
IMTIAZ MUQBIL
Sustained demand from Brazil, Russia, India and China - the so-called BRIC markets - is helping to keep the meetings industry outlook optimistic despite economic uncertainty, according to a trade show survey.
Conducted at Imex in Frankfurt, one of the world's major shows for the meetings, incentives, conventions and exhibitions (Mice) business, the survey also showed many buyers in the UK, Germany and the US, primary source markets for much of the Mice industry, were reporting "business as usual".
The Imex Post-Show Survey was based on responses from 515 corporate buyers, agencies, association leaders, suppliers and other relevant industry professionals from 46 countries.
The findings echo those in the Imex Quarterly Barometer (April 2008), which showed that the meetings and incentive travel sector was "still confident" in the face of economic fluctuations and that many predicted at least modest growth over the next 12 months.
Asked how the current economic climate would affect the corporate/association meetings sector, comments ranged from "It will stay the same - very steady business," and "The sector will grow further and become more important in the future" from Austrian and German respondents, to "Not much difference - businesses will still have to meet in order to get things done" and "Have not seen any impact just yet," from several US participants.
Imex chairman Ray Bloom was quoted as saying, "Many commentators argue that this industry incorporates many 'recession-proof' qualities because executives need to confer and talk, and because corporate productivity is measurably improved by using motivational strategies. These latest findings seem to confirm that this belief still holds true."
Respondents were also asked whether they still believe that challenging economic times are good for the incentive travel market because motivational programmes are essential for achieving corporate performance targets.
Responses varied between those who uphold the theory but admit it doesn't always happen in practice, and a significant proportion who anticipate only positives arising from the shifting economic climate. Many suggested that enlightened companies appreciate the need to entice their top performers into maintaining business levels.
Anecdotal comments also testify to companies using travel as more of a loyalty device than an incentive reward. One respondent commented, "I have clients who say they are taking clients and staff to more exotic locations as a thank-you for sticking with them during hard times."
Imex also said that increased marketing efforts in Germany had led to 21% growth in trade visitors, and that hosted buyer numbers were also up thanks to an emphasis on buyers from new markets such as Argentina, Asia, Brazil, Israel, South Africa and the Middle East. US groups also increased by 28%.
As part of efforts to reduce the show's environmental impact, Imex reported a warm response to a campaign encouraging European hosted buyers to make better use of rail travel.
A similar effort to reduce waste resulted in a 24% reduction in total waste volumes, suggesting that exhibitors and contractors are recycling or reusing more materials than ever before. This was in addition to the exhibition using recyclable paper badges, sustainable visitor bags and green energy for the first time.
Other highlights of 2008 included the Imex Politicians' Forum, where more than 100 industry professionals met with 24 high level politicians, including first-time representatives from South Africa, Australia and Canada.
Meanwhile, UFI, the global association of the exhibition industry, also reported last week that the trade fair industry in Asia expanded strongly in 2007. Net area sold by organisers in Asia grew by nearly 18% reaching a total of 13.2 million square metres
The fourth edition of UFI's annual report on the trade fair market in Asia showed that China remains by far the largest trade fair market. Year-on-year, net square metres sold in China grew by 21%, outperforming the regional average of 14%.
India was, however, Asia's fastest-growing market in 2007, up 50%, followed by South Korea which grew by 32%. More than 6.7 million square metres were sold in China in 2007 accounting for 51% of the total across Asia. The second largest market, Japan, grew by just 1% with sales of 2.2 million sq m.
Revenues from trade fairs in Asia increased from $2.57 billion in 2006 to $3.25 billion in 2007. China continued to extend its lead with 2007 revenues of nearly $1.12 billion, up 47% over 2006.
The UFI report covers trade fairs and supporting facilities in 15 markets: China, Hong Kong, Macau, Australia, India, Indonesia, Japan, South Korea, Malaysia, Pakistan, Philippines, Singapore, Taiwan, Thailand and Vietnam.
Imtiaz Muqbil is executive editor of Travel Impact Newswire, an e-mailed feature and analysis service focusing on the Asia-Pacific travel industry.
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