Cost pressures are forcing price rises and reduced workforces, the Meetings Industry Association reveals

Almost two-thirds (64%) of organisations have increased their prices this year to combat rising costs, according to the Meetings Industry Association (MIA).

Surveying 109 event venues, suppliers, agents and destinations, the association’s latest Insight report reveals that almost 9 in 10 (89%) organisations have seen their costs increase this year by an average of 12%. By comparison, organisations have only increased their prices by an average 7%.

In response to combating price increases, almost a third (32%) have had to delay investing further in their business, while over a quarter (26%) have been forced to reduce their workforce, putting more pressure on employees to maintain standards with fewer people. This is particularly notable in light of findings from the MIA’s People survey earlier this year, which revealed that 92% of employees experiencing stress or burnout identified high workloads as the primary cause.

As organisations battle cost increases, almost half (46%) state they are down on their revenue forecasts for 2025, with only two-thirds (66%) confident that they’ll meet their 2025 revenue target.

Providing a snapshot of current demand across the sector, the findings reveal the average lead time for bookings at 12 weeks, with almost two-thirds (65%) of respondents reporting slightly shorter lead times compared to a year ago. At the same time, 4 in 10 (40%) state that client budgets have decreased, highlighting ongoing financial pressures across the UK.

Elsewhere, the report also reveals how sustainability has slipped down the priority list in 2025, with just 22% saying credentials are frequently requested in RFPs. Though, 62% measure and report on their environmental performance, only 37% do so regularly. Almost half (49%) cited carbon measurement and reporting as the most challenging sustainability measure to implement, highlighting a clear gap between ambition and implementation.

MIA chief executive, Shonali Devereaux, said: “With booking trends, client expectations and economic pressures evolving rapidly, understanding how the sector is performing is proving invaluable in keeping organisations informed, assured and agile.

“While many organisations remain confident in meeting their revenue targets, rising costs continue to shift the goalposts for profitability and the sustainability of our industry. In response, almost two-thirds have increased their prices and over a quarter have had to reduce their workforce. This isn’t just a financial concern but demonstrates the wider economic ripple effect on areas such as employment and investment when our industry is under strain.  

“Alongside our People survey from earlier this year, our Insights highlight that the sector is at a critical juncture. Rising costs and economic pressures are placing significant strain on businesses, and something has to give. As an industry, we now have an opportunity to decide how we respond, balancing the priorities of People, Profit and Planet, embracing innovation, being digitally curious, operating with openness and authenticity, and adopting strategies that strengthen resilience.”

“These insights come at a particularly significant time, as we await the measures set out in the upcoming Autumn Budget and continue our two-way discussions with the Department for Business and Trade to lobby sector-specific initiatives.”