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Top 25 Cost-Cutting Tips: Simple Ways to Save on Meetings and Events

by Sarah J.F. Braley and Michael C.Lowe

Meeting budgets are on the rise, according to recent research. In M&C’s own “2015 Meeting Spend Survey”, released last month, 48 percent of the nearly 200 respondents said their 2016 budgets will increase, and 46 percent said their budgets went up in 2015. That’s good news for planners,right?

Not so fast. Year-over-year cost projections by finance and procurement officers typically are based on overall inflation and not necessarily adjusted for specific market conditions, notes Michael Dominguez, senior vice president and chief sales officer for MGM Resorts International. “The problem is, what our industry is buying has nothing to do with a consumer price index or an inflationary index,” he says. “The finance people say, ‘Inflation’s at 2.5 percent; let me grow my budget by 2.5 percent.’ Yet, room rates are growing at 6 to 6.5 percent.”

Read full article here from Meetingsconventions.com

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