Confidence in UK business meetings and events is high, with 61% of businesses forecasting higher revenue this year, according to a report by the Meetings Industry Association (MIA)
The quarterly benchmarking report surveyed 140 event venues, suppliers, agents and destinations and found that, on average, almost half (41%) of the forecasted revenue for 2025 has already been confirmed.
Although enquiries are down by 10% on 2024, the sector is optimistic that a steady flow of enquiries will support revenue forecasts with international events accounting for around 12% of forecasted revenue in 2025.
Challenges around recruitment and talent retention continue to be an issue. Almost half of respondents (48%) said they have found recruitment “somewhat challenging” over the past 12 months, with 18% describing it as “very challenging”. The biggest barriers include increased competition for candidates, a lack of recruitment resources and high staff turnover.
The need for better work-life balance is one of the primary reasons employees leave, followed by insufficient pay. To help with talent retention, more than half (53%) of respondents have implemented improved work-life balance initiatives and 38% have enhanced pay and benefits packages.
The report also found that Instant Book is being offered by a third of venues in the sector and a quarter of respondents experienced significant disputes in the last 12 months, as 62% highlighted the challenges of cancellation policies.
Shonali Devereaux, MIA Chief Executive, said: “Our latest findings highlight a sector with confidence for the year ahead, as illustrated by increasing revenue forecasts. Securing new enquiries while also recruiting and retaining talent will be critical to sustaining this.
“These insights will be used to reinforce our member resources and wider support strategy for the year ahead, from practical guides to our extensive programme of educational events and more.”
