Planners who apply their experience and creativity to events are seeing success by putting in the hard work, especially when it comes to sorting out budgets after the pandemic.

Global travel prices are predicted to continue to increase through the end of 2022 and throughout 2023, according to the 2023 Global Business Travel Forecast published by CWT, a travel management platform, and the Global Business Travel Association (GBTA).

As social distancing guidelines ease and more companies return to in-person meetings, it means planners need to once again rethink how budgets will be affected in 2022.

“In light of reduced marketing budgets, it’s imperative to make every dollar you spend have a direct impact on the pipeline you are driving with those dollars…”

Is the meetings business as we have known it changed forever?

Planning event budgets can be challenging. However, the more planners know about formulating, tracking and managing budgets, the more they can stretch spending.

The 2019 Global Meetings and Events Forecast gives planners and stakeholders in the meetings industry reason for optimism.

The guiding principle for any cost-saving strategy should be to preserve the quality of the experience for the attendees, because that is the basis for ROI.

A vibrant travel industry continues to drive up demand and RevPAR, which translates to room rate increases.

Savvy planners are finding that finely tuned contract processes and working their network help to keep budgets in line.