CIBTM industry report released
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The fourth China Incentives, Business Travel and Meetings (CIBTM) Industry Report 2010 predicts significant growth potential for the events industry across China and Asia.
The report compiled and independently analysed by The Right Solution was officially presented at this year’s CIBTM exhibition organised by Reed Travel Exhibitions, which runs in Beijing from 31 August to 2 September.
It was compiled based on the responses of 396 buyers and 223 suppliers. Of the buyers, 67 per cent of whom were based in China, 60 per cent were corporate, seven per cent associations/non-profit and 33 per cent third parties. Of the suppliers, 78 per cent were based in China.
The number of events per buyer increased to 5.6 from 3.7 last year
A summary of the buyers’ responses includes, increase in volume of events organised in China to mean of 5.6 events per buyer from 3.7 last year. Attendee numbers for events in China are up to 200 from 135 last year, and average duration for events in China is up to 5.5 days compared to 4.4 days last year.
Lead times have shortened to 5.2 months, compared to 6.8 months last year.
Of the suppliers, 87 per cent said key clients were based in China and 64 per cent more than half of their business is taking place in China, with clients predominantly corporate (57%) and from a wide range of industry sectors. In particular, suppliers are keenest to attract business from the pharmaceutical/medical and corporate sectors, although there is more focus on ‘not for profit organisations’ this year.
The Right Solution’s MD Sally Greenhill says: “We have had a very positive response to the survey with 396 buyer respondents contributing this year, the largest number since the survey began four years ago.
“There is no doubt that this is a
particularly exciting time for all those involved in the meetings industry in
China.
“China,
in light of their growing economy, is now becoming a compelling destination for
meetings and incentives, offering a broad and wide range of experiences; not
surprising bearing in mind the country has one of the oldest cultures. All
indicators point to continued growth from both within China
and outbound.”
31 Aug 10
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