Association Events

Eliminating meetings, canceling conferences—how much does it all cost? Billions of dollars, according to the report "The Meetings Market: Outlook 2009/2010," conducted by the Professional Convention Management Association, American Express and the Y Partnership.

The average meeting planner expects to cancel or postpone meetings worth $560,000 in revenue in 2009 and 2010. These canceled or rebooked meetings account for an average of $81,000 per planner in penalty fees.

When considering all PCMA members and AMEX clients in addition to the survey's mix of association and corporate/incentive meeting professionals, the report projects $781 million in lost hotel room revenue and $2.5 billion in total revenue lost for destinations, hotels and meeting suppliers. That's a pretty hefty amount, considering it only represents a fraction of meeting planners.

Read more about the report's findings at MeetingsNet.