Results from the 2008 Meetings
Market Report, a comprehensive analysis of meetings held
in 2007, show the corporate sector continues to be healthy, despite
a small 5 percent drop in expenditures compared with the numbers
gathered two years ago. More than $30 billion was spent on
1,080,400 meetings that were attended by more than 84 million
Corporations each spent an average of
$543,900 on meetings in 2007, up about 1.5 percent from 2005.
Breaking this average down, 21 percent of the respondents said
their organizations paid more than $1 million on off-premises
meetings, with 39 percent saying their companies spent between
$150,000 and $1 million. Still, 40 percent said their firms paid
less than $150,000 for all meetings in 2007.
Analyzing where events took place, downtown properties once again
hosted the largest share of meetings, garnering 39 percent of
corporations’ annual expenditures in 2007. Airport hotels came in
second, with 19 percent of the expenditures, followed by suburban
hotels (12 percent), suite hotels (8 percent) and resort hotels
excluding golf resorts (7 percent). This is a slightly different
picture than in 2005, when the top five were led by downtown hotels
(36 percent), followed by resorts (21 percent), suburban properties
(13 percent), golf resorts (8 percent) and airport hotels (7
The results also show corporations
spent 88 percent of their meeting dollars on domestic meetings and
12 percent on foreign/offshore meetings.
Overall, the corporate respondents
arranged an average of 19.4 events last year, up from 17.9 in 2005.
These meetings were attended by an average of 78 people, down from
150 two years earlier, and the events lasted 2.7 days, up slightly
from 2.6 in 2005. For details on the types of meetings planned, see
the chart, “On the Agenda,” below.
The corporate planners surveyed indicated their lead time was an
average of six months from the start of the planning process until
the facility selection, and about a year from the start of the
planning process until the event took place. Fifteen percent of the
sample said their lead time had increased, 57 percent said it was
unchanged and 28 percent said the lead time had shrunk.
More than half (53 percent) of the
corporate planners worked on trade shows in 2007, virtually
unchanged from the 52 percent reported two years ago. They planned
an average of 9.1 such events (up from 8.1 in 2005), attracting an
average of 1,210 attendees (down from 1,450 in 2005). The 263,100
trade shows held in 2007 lasted an average of 3.3 days.