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Meetings in 2025 - Predictions for the future of our industry (Updated June 2016)

These are the latest industry trends in the meetings, event, and hospitality industry. This talk is an update from a similar talk last year.

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Meetings in 2025 - Predictions for the future of our industry (Updated June 2016)

  1. 1. Meetings in 2025: Predictions for the Future of Our Industry Dan Berger
  2. 2. @danberger | #WEC16 Audience-Presenter Agreement ● Leave at any time. ⏳ ● I’m @danberger. You are #WEC16. ● Steal everything. ● Participation encouraged.
  3. 3. @danberger | #WEC16 I am a participant. I am a planner. I am a supplier.
  4. 4. 4,000 customers 100 countries 3 languages
  5. 5. Over 1.5 billion sq. ft. of event space Over 1 million events created Over 100 million attendees impacted
  6. 6. @danberger | #WEC16 I am a participant. I am a planner. I am a believer. I am a supplier.
  7. 7. @danberger | #WEC16
  8. 8. @danberger | #WEC16 2025
  9. 9. @danberger | #WEC16 Last year, I shared 10 trends... 6. Everything is a function space for meetings and events. 7. Every industry is consolidating. 8. Traditional education is losing significance, moving online, and becoming free. 9. Business models are changing due to increased competition. 10. Technology is seamlessly integrating into our lives. 1. Time is the most valuable resource in business. 2. Events are becoming a strategic marketing product. 3. Software is eating the world. 4. We’re transitioning from bureaucratic hierarchies to technology-driven networks. 5. The sharing economy is not slowing down.
  10. 10. @danberger | #WEC16 1. Start by considering the global economy. 2. Dive into the U.S. economy. 3. Discuss the current trends in the hospitality industry. 4. What will hospitality look like in the future? 5. What might events look like? 6. Review current internet trends. 7. The new computing platform(s). This year, I will go bigger.
  11. 11. @danberger | #WEC16 The Global Economy
  12. 12. @danberger | #WEC16 The Middle Class is Rising ● The size of the global middle class will increase from 1.8 billion people in 2009 to 3.2 billion by 2020. ● It will be 4.9 billion by 2030. ● The bulk of this growth will come from Asia. ● By 2030 Asia will represent 66% of the global middle class population and 59% of middle class consumption, compared to 28% and 23%, respectively in 2009.
  13. 13. @danberger | #WEC16Source: As the economies of the developing world grow domestically and contribute to the global economy, so will the middle class.
  14. 14. @danberger | #WEC16 “The developing world’s emerging middle class is a critical economic and social actor because of its potential as an engine of growth.” - Mario Pezzini
  15. 15. @danberger | #WEC16 The U.S. Economy
  16. 16. @danberger | #WEC16 The Future Economic State of the U.S. YEAR Economy 2008 Last recession 2018 Next projected recession 2019 Expansion 2025 Projected end of an expansion ● From 1945 to 2001, and 10 cycles, recessions lasted an average 10 months and expansions an average of 57 months.
  17. 17. @danberger | #WEC16 “A recession has occurred in the U.S. about every five years, on average, since the end of WWII; and it has been seven years since the last one — we are overdue.” - Michael Pento
  18. 18. @danberger | #WEC16 The Hospitality Industry
  19. 19. Notable industry acquisitions in the last ~24 months Source: various.
  20. 20. @danberger | #WEC16 ● At least 865 hotels, with 103,230 rooms, are currently under construction and scheduled to open in the US in 2016. ● The global hotel industry revenue is predicted to reach $550 billion US dollars in 2016. The industry revenue was $457 billion US dollars in 2011. ● All key hotel metrics grew from ‘14 to ‘15 and again from ‘15 to ‘16. They are expected to continue to grow through ‘17. Trends in Hotels
  21. 21. @danberger | #WEC16 Source: hotels-new-york-houston/78422660/ The 1.5% uptick in rooms opening this year is still below the long-term annual average of 1.9%. Building activity has dramatically increased, with 21% more rooms under construction than a year ago
  22. 22. @danberger | #WEC16 ● Consolidation is happening in every step of the hospitality supply chain. ● Purchasing power and supply is becoming more centralized. ● Pricing competitiveness may suffer. ● Similar direction the airline industry has taken. What does all of this consolidation mean?
  23. 23. @danberger | #WEC16 “We expect to see more consolidation among operators and real estate owners alike, whether portfolio transactions or public-to-private trades.” - JLL 2016 Global Hotel Investment Outlook
  24. 24. @danberger | #WEC16 Internet Trends
  25. 25. @danberger | #WEC16 ● There are 7.4 billion humans on Earth; 3 billion are now online. ● In 2016, 51.8% of travelers who book trips via digital means will do so using a mobile device. Growth in Online Activity
  26. 26. @danberger | #WEC16Source: Mary Meeker, Kleiner Perkins Internet Trends 2016
  27. 27. @danberger | #WEC16 Computing
  28. 28. @danberger | #WEC16 ● Every 10-15 years major new cycles reshape the computing landscape, bringing in a new product era. A new computing era is upon us ● Each era has a gestation phase and a growth phase. ● We will grow from three to eight billion connected humans, adding five billion new consumers into the global economy Source: Dixon, Chris. “What’s Next in Computing?” published: 2/21/2016
  29. 29. @danberger | #WEC16 As computers increase in power and shrink in size, a new class of machines has emerged roughly every ten years. Source: “The chips are down for Moore’s law.” Nature. Published: 2/9/2016
  30. 30. @danberger | #WEC16 So what is the next computing platform(s)? ● Cars ● Drones ● Internet of Things ● Wearables ● Virtual Reality ● Augmented Reality
  31. 31. @danberger | #WEC16 “We are on the cusp of not one but multiple new eras. The explosion of new devices, and developments in software, especially artificial intelligence, will make them [smart, useful, and ubiquitous.” - Chris Dixon
  32. 32. @danberger | #WEC16 Piecing it all together...
  33. 33. @danberger | #WEC16 The “Golden Age of Travel” will continue.
  34. 34. @danberger | #WEC16 The hospitality industry will be more profitable than ever.
  35. 35. @danberger | #WEC16 A governing body for the meetings industry will emerge.
  36. 36. @danberger | #WEC16 The Annual Meeting will become endangered.
  37. 37. @danberger | #WEC16 More event professionals will report to CEOs
  38. 38. @danberger | #WEC16 More events, with bigger budgets.
  39. 39. @danberger | #WEC16 We won’t be able to tell the difference between real and virtual events.
  40. 40. @danberger | #WEC16 The room block will play second fiddle to economic impact.
  41. 41. @danberger | #WEC16 Robots will setup and tear down rooms.
  42. 42. @danberger | #WEC16 Complex productions will be easier to organize.
  43. 43. @danberger | #WEC16 AI will make events better for everyone.
  44. 44. @danberger | #WEC16 Second tier cities will become premier destinations.
  45. 45. @danberger | #WEC16 But what if it’s all just a simulation?
  46. 46. @danberger | #WEC16
  47. 47. Dan Berger twitter: @danberger snapchat: danjbeger THANK YOU.
  48. 48. Please rate this session now on the WEC16 smart mobile application An overall WEC survey will be emailed to all attendees after conference. For more information please visit the Registration Desk.