ICCA unveils results of meetings industry survey on impact of financial crisis

AMSTERDAM – ICCA surveyed recently its global membership on the effects of the global financial crisis on the meetings industry. Over a quarter of ICCA’s 850 member companies and organisations responded to the survey.

Fewer than six percent of respondents suffered a significant downturn as a result of the crisis, while 60 percent report no impact whatsoever. Respondents are more negative about the prospects for the rest of the year, with only 44 percent believing there will be no negative impact. Forty-two percent are expecting their company’s 2008 performance to be better than 2007, a record-breaking year for all regions of the world. Less than one third think 2008 will be weaker than 2007.

Only 12 percent of respondents plan to cut their marketing budgets for the rest of 2008; over three-quarters indicate that they will not be making cuts.

Asked what impact the current crisis will have on the meetings industry in general, only six percent felt that would be no significant impact. Just over half felt there will be significant negative impact but restricted to certain regions. Over one third felt there would be significant short-term global impact, while seven percent felt there is likely to be significant global impact lasting longer than 18 months.