London is emerging as best MICE destination as pound weakens

Published on : Saturday, September 9, 2017

aerial-london-bridge-1-1-1035x545Weak currency is making London the best destination for business travels, meets, events and conventions in the EMEA region.



The United Kingdom capital, London ranks ahead of Barcelona, Berlin, Amsterdam and Paris in the list of the five most popular cities in EMEA.




London has become more attractive over the last year due to currency changes since the Brexit referendum vote in June 2016.




CWT Meetings & Events has estimated in a new report that the cost per attendee per day for meetings and events in the EMEA region have increased by an average of 4 per cent this year.




In real terms meeting and events costs are going up incrementally, and this is expected to continue into 2018.




Brexit could mark a major change in business and tourism for most of Europe. To date, the main impact has been to attract people to the United Kingdom due to the reduction in value of pound.




CWT Meetings & Events also identifies that there are several European cities that are growing in popularity for meetings including Bordeaux, Toulouse and Palma in Majorca.




Italy and Portugal are becoming more popular with its reasonable pricing. Germany and the UK remain as popular as ever. Some of the specific European cities such as Berlin, Dusseldorf, Cologne and Vienna are attracting more interest in the business meets, travel trade and conventions.




CWT Meetings & Events also said that it is expected that the average cost of meetings and events across the world to continue going up during 2018.




Cindy Fisher, Senior Vice President and Global Head of CWT M&E said that the costs are rising in key M&E markets, globally. With a 3.7 per cent increase in hotels and 3.5 per cent rise in airfares projected for the coming year, that trend is likely to continue.




Spending on meetings and events in the UK has grown strongly this year, according to the HBAA Meetings Barometer with average spending per meeting up 31 per cent year-on-year to £2,133 for the first half of 2017.




Over the same period, the average number of delegates per meeting also rose by 12 percent from 49 to 55 people.




Despite this growth in attendee numbers, the average daily delegate rate fell by 1 per cent from £33.29 to £32.94.




London, the capital city of UK, was the top city for spending with HBAA members accounting for £24.6 million or 35 per cent of the £70.6 million spent across the UK.




The next top city in UK, Birmingham was a close second with £23.6 million followed by Glasgow in third place with £7.7 million.




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