The Meetings Industry Association’s (MIA) latest Pathfinder research reveals that rates paid to venues for meetings and events services are on the rise again, at least for 30 per cent of survey respondents.
A third quarter (July-September 2011) upturn was detected in the Autumn Pathfinder 2011 report, with just 23 per cent detecting a drop in rates. The largest section of responses claimed no real change in rates.
The report is designed to provide a ‘snap shot’ of current market conditions and an indication of short term (6-12 months) future trends.
MIA Chief Executive Jane Longhurst says: “This is the second period in which the Pathfinder report has revealed a rate recovery in the sector. While trading conditions remain considerably challenging, this demonstrates venues have benefited from promoting value for money rather than cost reduction. A large sample of venue respondents have achieved AIM, this tangible proof of quality and value is a formidable tool which gives venues a distinct competitive advantage in the rate versus value assessment.”
Small increases in business volumes were also detected in the Autumn report, although the level of rises was fairly low.
The full report, available from the MIA, covers a comprehensive series of questions, along with economic factors, investment in new facilities, sources of venue information, factors influencing venue decisions and the adoption of corporate social responsibility.
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