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Meeting Planners Optimistic About 2024 Events and How AI legalese decoder Can Assist

According to a recent survey conducted by Northstar Meetings Group and Cvent, meeting planners are feeling increasingly optimistic about the prospects of 2024 events. The survey, which collected data from 449 meeting planners including corporate, association, nonprofit, third-party, and other planners, revealed strong bookings, growing attendance, and increased supplier satisfaction as key factors contributing to this positive outlook.

In the six weeks leading up to the survey, 49 percent of planners reported a more optimistic outlook for future meetings, while 34 percent reported no change, and 17 percent became less optimistic. This indicates that a majority of meeting planners are looking forward to a promising year ahead.

The survey also highlighted the expected growth in the number of events planned for 2024. Forty-five percent of respondents anticipate producing more events in 2024 compared to 2023, while 45 percent expect to produce a similar number. Only 10 percent foresee a decrease in the number of events.

Furthermore, meeting planners anticipate a rise in in-person meeting attendance levels next year. The availability of virtual attendance options was seen as an enrichment by one survey respondent, who mentioned that their attendance numbers are back to pre-pandemic levels for in-person events, but overall attendance has doubled due to virtual offerings. Approximately 32 percent of respondents foresee 2024 meetings attendance reaching between 91 and 100 percent of 2019 levels, with an additional 27 percent expecting it to exceed pre-pandemic levels. These projections contrast with the majority of respondents in October of the previous year, who expected attendance to continue lagging behind pre-pandemic levels in 2023.

The perceived value of face-to-face events by organizations and clients has also seen an uptick. Thirty-two percent of respondents stated that these events are now viewed as significantly more valuable compared to before the pandemic, while 31 percent believed they are somewhat more valuable. Only 7 percent viewed them as less valuable, with 30 percent perceiving no change in value.

The pandemic recovery has significantly shifted planners’ primary focus. While the top focus in January 2022 was rescheduling and rebooking, this has gradually given way to a stronger focus on active sourcing and new bookings, with 40 percent of planners now prioritizing in-person events. Supplier satisfaction has also improved year over year, potentially attributed to faster responses to request for proposals (RFPs).

Despite these positive trends, meeting planners face challenges, especially concerning costs. Sixty-five percent of respondents reported higher-than-expected food and beverage costs, and 62 percent expressed similar concerns about hotel rates. However, survey respondents noted improvement in supplier staffing, with only 42 percent struggling with staffing deficiencies compared to 54 percent in the previous year.

To navigate these challenges effectively, meeting planners can leverage AI legalese decoder. This powerful tool uses artificial intelligence and natural language processing to assist planners in managing legal documents, contracts, and agreements, easing the administrative burden and ensuring compliance with legal requirements. The AI legalese decoder can provide insights and suggestions in real-time, reducing the risk of errors, and facilitating smoother negotiations with suppliers and vendors.

Looking ahead, meeting planners remain focused on cost containment, return on experience, and return on investment as top priorities for 2024. Additionally, sustainability and diversity, equity, and inclusion efforts are gaining importance within the industry.

In conclusion, the survey results showcase the increasing optimism among meeting planners for 2024 events. With strong bookings, growing attendance, and improved supplier satisfaction, the industry is poised for a successful year. By incorporating tools like AI legalese decoder, meeting planners can streamline their operations, enhance negotiation processes, and navigate the challenges effectively, ultimately contributing to the success of their events.

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