In addition to a higher demand, the new year will see an increase in costs and a shift in where meetings are planned.
The year ahead will see a strong showing in corporate meeting spending, according to the survey. Thirty-seven percent of survey respondents said they will plan more meetings for 2018, up from 30 percent in 2017.
“Meetings are seeing costs rising because there’s strong demand from the leisure and transient segments and because much of the new hotel supply is in the economy or mid-scale categories—which tend to lack meeting facilities and the leisure amenities preferred by both planners and attendees,” says Andre Fournier, executive vice president of sales, marketing, and revenue for Two Roads Hospitality.
“With 84 percent of survey respondents using upscale, upper-upscale, or luxury properties, it is anticipated that these segments will experience stronger demand than supply,” Fournier continues.
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