Strategic Meetings Management

I was privileged to be quoted in The New York Times yesterday in an article called, “The End of Hotel Deals,” written by reporter, Martha C. White.  The article title pretty much sums up the gist of the storyline (the beginning of the end of the buyer's market), but what wasn’t mentioned is the rapidly rising price of oil and how that impacts the supply and demand nature of our business.  

The meetings industry is a cyclical business for sure, but over the years, spiking fuel prices have become a leading indicator of events to come. You know the drill all too well -- companies start their demand management campaigns of cutting, freezing or downsizing business travel and meeting/event activities.

If you haven’t felt the pain of rising fuel costs at the pump recently, then you don’t drive a car.  Granted the downward spiral of events is delayed a bit, but nevertheless it happens and when it does, you’d be better off being prepared than having the predictable 'cut, cut and more cuts!' messaging from the C-suite hit you like a ton of bricks.

Indeed, the positive message of this article bodes well for hoteliers today, but if fuel and oil costs continue to skyrocket, it may be the shortest recovery period in the history of our industry.  Such is the dynamics of a supply and demand marketplace!