In news that comes as no surprise to those in the event and meetings industry, the average meeting planner expects to cancel or postpone meetings worth $560,000 in room revenue in 2009 and 2010, according to a recent survey conducted by the Professional Convention Management Association, American Express, and the Y Partnership.
Those canceled or rebooked meetings account for, on average, $81,000 per planner in penalty fees. Fifty-five percent of the survey respondents were association meeting professionals and 45 percent were corporate or incentive meeting pros.
When projected to include all PCMA members and AMEX clients, that’s $781 million in lost hotel room revenue and $2.5 billion in total revenue lost for destinations, hotels, and meeting suppliers, but--according to Peter Yesawich, chairman and chief executive officer at the Y Partnership, an advertising and public relations agency--account for just a fraction of the universe of planners.
The report, called, “The Meetings Market: Outlook 2009/2010,” surveyed 516 meeting planners in April and May, seeking to gauge their intentions over the next 19 months in the face of a struggling economy and media backlash about meetings.
For more, visit our sister publications' site, MeetingsNet.
RELATED STORIES FROM SPECIAL EVENTSMore Event Professionals Expect Recovery to Start This Year
Tough Times Make Event Pros Stretch Decor Budgets