ACCOR – Meeting Expectations Report, 2024

ACCOR's "Meeting Expectations Report, 2024" highlights key trends and forecasts in the exhibition and business travel industries. The report states that the exhibition industry is expected to fully recover by 2026, with a projected worth of US$36.3 billion by 2022, up from US$32.9 billion in 2019. Additionally, a survey conducted by UFI Global Exhibition Barometer reveals that almost 60% of professionals in the MICE sector believe that the COVID-19 pandemic has reinforced the importance of face-to-face meetings. The report also discusses the forecasted growth in the business travel industry, which is expected to increase from US$695.9 billion in 2020 to US$2 trillion by 2028. The survey by GBTA and Mastercard further predicts an increase in business travelers' expenditure from US$933 billion in 2022 to US$1.4 trillion in 2026. ACCOR's Chief Sales Officer, Sophie Hulgard, emphasizes the value of in-person meetings, stating that "being in a room with people matters – it's powerful and valuable." The report reveals that their clients' expenditure has increased since 2022, with expectations for further growth in 2024. Moreover, industry professionals anticipate an increase in the number of both small and large meetings in the coming year, underscoring the importance of attending exhibitions and conferences. The report also highlights the significant economic impact of the global business events industry, estimated at $1.6 trillion USD by the Events Industry Council. The COVID-19 pandemic has reshaped the way people travel, particularly in the M&E sectors, leading to the emergence of hybrid working practices and the potential for combining business and leisure travel ("bleisure"). While North America and Europe currently dominate the M&E sector, the report foresees significant shifts in the landscape. The rapid economic growth and population expansion in countries like China, India, Brazil, and Indonesia are expected to reshape the industry in the medium and long term. China, in particular, is poised to become a vital market for M&E, potentially surpassing the US as the largest global economy by 2050.