Events

MICE Insights Shared at Global DMC Partners' 10th Connection

By Gaurav Banerji Jun 26, 2024 11:54am

Global DMC Partners (GDP) recently concluded its 10th annual Connection in Punta de Mita, Mexico, held June 6-9. Co-hosted by local DMC partner Tropical Incentives and Conrad Punta de Mita, this year’s education and networking conference for meetings and events professionals was attended by nearly 200 participants. MICE insights shared at the Connection showed that global markets remain resilient despite inflation, but meetings and events face higher costs and budgeting challenges. Attendees traveled from around the globe to learn key insights and trends, share best practices, and foster relationships through in-person networking, one-on-one business appointments, peer-to-peer breakout sessions and off-site activities.

Kicking off the program’s general session, Global DMC Partners President and CEO Catherine Chaulet presented the keynote address, “Decoding 2024 Global Business and Travel Trends.” This address provided a comprehensive analysis of the state of the industry, offering insights for business leaders and meeting planners navigating today’s ever-evolving economic landscape. Highlights of these key takeaways included:

Economic Resilience and Inflation Trends

Steady Growth: Despite global uncertainties and negative news stories from the media, growth actually remains steady with inflation returning to target rates.
Resilience Across Markets: Unexpected resilience in various global markets suggests a soft landing for the economy.
Inflation Challenges: Although inflation and energy prices are decreasing faster than anticipated, certain sectors, particularly meetings and events, continue to face higher inflation rates.

Impact on Meetings and Events

Rising Costs: According to Global DMC Partners’ 2024 DMC Survey, DMCs reported a 30 percent increase in pricing across airfares, accommodations, staffing, and other essentials with 79 percent of event professionals noting higher expenses, according to Boldplus.
Budget Adjustments: Budgets are increasing primarily to offset rising costs rather than expanding services or experiences.
Top Challenges: Planners are grappling with higher costs, budget management, availability of venues and timely approvals from decision-makers. Meanwhile, DMCs are challenged by overall market pricing, working with clients’ budgets and meeting the deadlines of shorter lead times.

Creative Solutions

Creativity is a huge challenge, particularly when coupled with tight budgets. Beyond that, Chaulet discussed:

Sustainability and Simplicity: A heightened commitment to sustainability and a renewed focus on smaller, simpler meetings
Innovative Partnerships: Stronger collaborations with vendors to expand talent and access to resources
Out-of-the-Box Thinking: Creative approaches in decor, food and beverage, audio-visual solutions, and leveraging AI for cost management and efficiency

Trends

Sustainability: Forty-five percent of attendees reported during a live poll that they struggle with incorporating sustainability into programs and 40 percent indicated that they find sustainability overwhelming. A panel session dedicated to CSR and Sustainability in events gave attendees practical strategies and inspiration on how to incorporate sustainability and give back initiatives more systematically into their global programs.
Wellness Initiatives: A growing emphasis on wellness programs that include healthy food choices, advanced recovery technologies and work-life balance
DEI Commitment: Enhanced focus on diverse speaker panels, accessible venues and inclusive programming to foster collective belonging

Technology and AI

Generative AI: The event sector is experiencing a significant boost in AI applications, projected to grow to $1.8 billion by 2024, according to Allied Market Research, enhancing everything from content creation to participant engagement and data analysis.

A live poll at Connection revealed that chat bots are the most popular AI tool, with 42 percent of attendees reporting usage.

Destination Selection

Geopolitical Factors: Elections, wars and economic tensions significantly impact destination choices, with a preference for budget-friendly, accessible locations.

Making a Local Impact through CSR

In addition to the professional development sessions, Connection provided face-to-face time and networking opportunities through pre-scheduled business appointments as well as a wide variety of local activities, including the opportunity to give back to the community by painting a local school, Telesecundaria. Attendees collectively brought a wide array of school supplies and learning materials to the conference and the items were donated to three local organizations, Telesecundaria, non-profit Entre Amigos, and an elementary school with many needs.

Before departing on the closing day, the GDP corporate team recognized its top partners and clients in a brief awards ceremony. These recipients included:

U.S. Partner of the Year: Destination Fabulous Las Vegas
International Partner of the Year: CTI Italy
2024 Stellar Performer: Fatih Donmez, Universal Travel Services Turkey
Global Planners of the Year: Jerry Longo, Abbott and Hanna Payne of Gartner UK

The team also then revealed the location for next year’s Connection in June 2025: Grand Hyatt Baha Mar, co-hosted by Sunbound, GDP’s DMC partner in the Bahamas.

Those who were unable to attend this year’s Connection but are interested in learning more about the trends and insights discussed can attend the next GDP U webinar on Thursday, June 27, at noon EDT. Registration is complimentary at www.gdpuniversity.com. The webinar will also be available on demand for all registrants.

Connection is a by-invitation only experience for qualified meeting and event planners. To be considered for the 2025 event, planners can contact their GDP sales advisor.