Amex GBT Showcases 2024 Forecast at IMEX America 2023

Industry growth and a positive outlook is the 2024 theme

American Express GBT Meetings & Events showcased its 13th annual “Global Meetings and Events Forecast” at IMEX America 2023. From the looks of it meeting professionals should expect the industry to continue to accelerate in the upcoming year, most notably in its use of technology, as well as more meetings.

The forecast questioned more than 500 event and meeting professionals who represent corporations, associations, buyers and suppliers from 26 countries.

More Attention Given to Internal Meetings and Advisory Boards

According to the report, all meeting types are expected to grow in 2024 but there are types meeting professionals believe will outpace others. The meetings industry is poised to see the greatest increase in internal meetings and client/customer advisory boards, with 42% of respondents saying there will be more of both in 2024.

“Internal meetings have become an integral part of doing business,” said Gerardo Tejado, senior vice president of professional services for Amex GBT. “It has to do with having a dispersed workforce. Companies are not in the office, so I think there’s a renewed effort in creating a sense of culture within companies. The importance of bringing teams together is overwhelming.”

Internal meetings were the most scrutinized event type in 2019, Tejado recalled, but now it’s as if the pendulum has swung the other way around. He said the criticism may have come from an idea that internal meetings were being overdone; but now the dynamic is different with such a dispersed workforce. According to Tejado, Amex GBT’s workforce is more than 90% remote, something he said also benefits the company because it grants them a larger pool of potential employees. Pre-Covid, the company’s remote workforce was around 80-85%.

Biggest 2024 Trends

Looking toward 2024, Tejado said there are three things he sees being incredibly important.

First: “It’s still a seller’s market,” he said. “What that means from my point of view is having the right level of partnerships with your suppliers to make sure you’re able to provide the right conditions for an event that complies to the needs of the client, I think that’s critical. Partnerships are critical.”

Second: Leveraging technology. Tejado said meeting planners are keen on embracing new tech. In the report it was found that 42% of respondents expect to use AI in 2024, and 41% expect to use VR.

Read More: Why AI Might Mean Salvation for the Meeting Industry

Third: A rebounded focus on basic meeting policy components. Two years ago, as reported in the “2022 Global Meetings and Events Forecast,” less than one-third of respondents said their organizations had basic meeting policies in place, such as F&B suppliers. This time around, 80% of respondents reported having comprehensive policies in place across multiple meeting sections. Within that 80%, one-third said they plan on working on those policies to make them better.

The three programs planners focus on improving are technology updates (38%), data collection and using preferred suppliers (each 18%).

The Importance of Event Measurement

One section of the forecast Tejado paid particular attention to is the use of measurement among event marketers. According to the forecast, the most important measurement event marketers look for to determine if an event was successful is revenue or sales generation. Lead generation, attendee satisfaction and social media interest follow in order of importance.

Read More: The Sure Way for Association Leaders to Get Constructive Feedback About Meetings

Tejado drilled down on just how important measuring your event is. “As companies try to maximize the use of the resources, making sure you have the right attendees is important,” he said. For planners in a situation where they have potential clients who attend events similar to theirs, finding out what draws their attention to their event versus their competitor is critical, he added.

“Understanding how you’re going to measure a successful meeting, how are you going to measure how much attendees value the event, that is a key trend that we were looking forward to. And it’s all about leveraging more technology,” Tejado said. “Ten you get all the meetings you wanted, who went, who didn’t go, which ones had a better return, what happens after the meeting six months from then. So, I think getting that data is very important.”