China and Asia continue to offer ‘huge potential’ to buyers with an increase in the volume of events and budgets expected for the region.
Research from the 2012 IBTM Global Meetings Industry Research China & Asia shows that 62 per cent of buyers predict more events in the next 12 months, while 72 per cent say they will be working with new destinations in the region, too.
The study – of which the results were announced at CIBTM this week – are based on the business decisions and challenges of 579 meeting professionals (332 buyers and 247 suppliers). Of those surveyed, 77 per cent were from Asia and 23 per cent were based outside the region but organised events in Asia.
In terms of budgets, 48 per cent of respondents confirmed they would have increased marketing budgets for the next 12 months, with just under a third (31 per cent) saying budgets would remain the same. This could be due to the use of social media and new technologies, with 77 per cent of buyers and 86 per cent of suppliers using social media to communicate.
The top sectors for organising events included government and administration, financial, banking, electronic and pharmaceutical. The report also found that the factors that would most impact the increase of meetings and events business were the global and local economy, air fare increases and currency inflation.
The research was undertaken in conjunction with Reed Travel Exhibitions by Sally Greenhill from The Right Solution.