According to BCD Meetings & Events’ 2025 Trends Report, controlling business event costs during a time of economic uncertainty will be critical in the coming year.
“Across all regions, ‘doing more with less’ will be a common theme as client budgets tighten, making cost control a top priority,” Bruce Morgan, global president of BCD Meetings & Events, told Skift Meetings.
Economic uncertainty is worrying
The ability to quickly adapt to changing conditions is critical when planning business activities. In times of economic uncertainty, budgetary control becomes even more important.
Artificial intelligence can help, Morgan said. “Artificial intelligence is already making waves, and while it’s often discussed, its true potential lies in helping our teams work more creatively and efficiently, and enhancing the experiences we deliver to our customers,” he said.
There are a few things to keep in mind before launching any AI-driven initiative. The report states that a framework that addresses compliance, security and their responsible use is important.
Other trends
personalization: Even when companies face financial constraints, a tailored experience is critical.
storytelling: Morgan says the need for meaningful storytelling is growing.
Sustainable development: Companies, especially multinationals, are increasingly focused on tracking their environmental impact. Data is important to align strategy with sustainability goals.
“While cost still dominates decision-making, companies are starting to track their impact more deeply and understand the behavior of meeting owners and attendees to better align their M&E strategies around sustainability,” Morgan said.
Regional Insights
North America: The North American meetings and events market is growing at 20% annually. Hotel executives are optimistic about 2025.
U.K: The mood in Britain is optimistic. Business volumes are returning to pre-pandemic levels. The client was eager to hold the meeting but needed creative solutions to extend the budget for the same amount or a slight increase.
Europe, Middle East and Africa: Despite ongoing challenges such as the war in Ukraine and Israel and rising inflation, business sentiment remains positive and live events are critical for businesses.
Asia Pacific: Business has grown rapidly, driven by face-to-face meetings, which account for about 80% of events. Budgets are expected to remain unchanged through 2025, and although third-party vendors are increasing flexibility, planned delivery times remain tight and require rapid responses to RFPs.
Latin America: The region continues to be a growth area. This is despite concerns about environmental change, inequality and political instability. Especially in countries like Mexico and Venezuela.
