With the ongoing cost of living crisis impacting the recovery of the business meetings and events sector, Kerrin MacPhie, chief executive, Meetings Industry Association (mia), discusses the latest insights and support being offered to members.
In the wake of the global pandemic that shut down our industry, recovery has been the goal for business meetings and events operators. Over the past 12 months, almost every operator’s business strategy, objectives and plans have been laser-focused on recouping heavy losses and creating a viable future.
Whilst the sector has been recovering at an anticipated pace, the mia is very aware that the once daily concerns that have become prevalent in recent years, are rife once more.
It’s no surprise that the findings from our most recent industry survey revealed that the global energy crisis is heavily impacting our sector. On average, operating costs have increased by almost a third.
However, it’s not just soaring energy prices that have seen record increases. Independently, members are reporting that rising inflation is causing extraordinary increases to other areas such as food and beverage. One of our large conference venues in London is reporting year-on-year price increases that have seen grains and feed up about 50%, meat and poultry up 9%, seafood up 40% and beverages up by 19%.
To try and combat this, over three-quarters of respondents have had to increase prices in the form of DDR or room rates, catering or AV provisions. However, remaining competitive in a price-sensitive sector, has led many to concede to heavily reduced profits – creating a further setback to recovery plans.
There’s no doubt that the package of support offered by government in September provided operators some much-needed short-term relief. Yet, as we stated in our reaction when this was first announced, without a long-term solution it is vital that we continue to call on government for these support packages to be reviewed on an ongoing basis. In addition, we as a sector must unify our use of Standard Industrial Classification (SIC) codes to ensure we are captured in any sector-specific support determined by government.
Our industry efforts
Despite internal movements within government and the appointment of Stuart Andrew as our new Minister for Tourism, we continue to strengthen our relationship with the Department for Digital, Media, Culture and Sport.
We remain in regular contact providing insight and calling for longer-term solutions to ease the challenges that also include staffing shortages, which are affecting over three-quarters of the sector with almost nine out of 10 organisations currently listing staff vacancies.
We also continue to collaborate and work with the likes of VisitBritain and BVEP – the umbrella organisation representing leading trade and professional organisations, government agencies and other significant influencers in the sector to support sustainable growth for business meetings and events.
We still have a huge job to do to make business meetings and events part of the narrative – that often sees us incorporated under the wider ‘hospitality’ industry banner. Meetings, conferences, events and exhibitions are a key driver of tourism destinations across the UK and should be recognised as such.
Elsewhere our busy events calendar continues to support and guide the sector. In particular, our annual conference examines the next normal for business meetings and events as we unite, inspire and energise the industry. We carefully curated our line-up of futurologists and industry leaders to deliver what our sector needs to know right now, so that delegates will leave with tangible takeaways that can be implemented in their own organisations.
As a result, the power of strategic relationships and the delivery of Net Zero will also go under the microscope, alongside how the sector can be a career of choice as it breaks through the noise, rebuilds skilled teams and moves towards full recovery to support the national and regional economies.
The conference also includes the annual miaList celebration, which shines a spotlight on some of the finest talent that we have working in the sector. It’s a great evening as we received a record number of nominations for our hotly contested list.
Now in its 12th year, the 2022 miaList will feature both individuals and teams as well as a number of new categories to recognise some of the first-class innovation and sustainability initiatives, as well as the sector’s greatest venues and suppliers.
As we approach the Christmas period with all too familiar uncertainties, we remain optimistic that from our ongoing lobbying and collaboration with relevant parties that we will be able to influence much-needed support. Our latest updates can be found on LinkedIn and Twitter.
