73% of event businesses predicting increased revenue in 2024
A new mia report reveals the event industry financial forecast and what to expect with the introduction of ‘Martyn’s Law.’
Recent findings from mia (the Meetings Industry Association) suggests a positive outlook on the financial front. A staggering 73% of organisations are anticipating increased revenue in 2024 compared to the previous year. Furthermore, 59% report having more confirmed future business than they did in January 2023. However, amidst this optimism, the anticipation of Martyn’s Law arises new challenges for event planners.
Named after Martyn Hett, a victim of the tragic Manchester Arena terrorist attack in 2017, this legislation aims to enhance venue security. Yet, only half of the surveyed organisations consider themselves adequately prepared for its implementation. Figen Murray OBE, a driving force behind the law, stresses the importance of cultivating a robust security culture within organisations. With 43% expressing uncertainty about their readiness, it's evident that more proactive measures are needed to ensure compliance and safety.
Additionally, the report reveals a growing gap in workforce availability despite an increase in the overall workforce size. Vacancies persist for 72% of organisations, reflecting an 11% rise since October. To address this, only 15% are currently offering Returnships, while 47% are opting for apprentice programs. Such statistics underscore the need for innovative strategies to attract and retain talent within the industry.
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