Wednesday, November 05, 2008

Projecting resilience

BSG CEO Paul Woodward is quoted in this article on the impact of the economic crisis on the MICE industry. The basic theme is that "conventions and exhibitions in the region will weather the global financial storm, despite a drop in delegate attendance". Corporate meetings and incentive travel are expected to be hit harder.

Woodward is quoted as saying "We can safely assume that the third and fourth quarters of this year will be pretty weak compared to previous years, as companies cut back on international travel in the face of future uncertainty. There are mixed reports coming from the major trade fairs under way now. Some are reporting flat visitor figures while others are conceding a 15-20 per cent reduction in international participation. The expectation is certainly that participation in Asian events from North America and Europe will be lower.”