Track Industry Trends and Developments
Study conducted by PhoCusWright, Inc. projects
$10.9 billion industry growth in 2007
(February 22, 2006) – ARAMARK Harrison Lodging (AHL), a leader in the conference
and corporate training centers industry, helped to fund the first-ever
market research analysis focusing on tracking and reporting online behavior
and trends and opportunities in the groups, meetings and corporate industries.
The study, conducted by PhoCusWright Inc., an independent travel, tourism
and hospitality research firm, presents an insider’s understanding of the
groups and corporate meetings markets.
The report sheds light on the online behavior of consumers, planners and suppliers when planning and developing group events and meetings. It also pinpoints trends and opportunities within key market segments and compares the capabilities of leading technology providers.
It forecasts that group and meetings revenues will develop into a $175-billion industry by 2008 – up from $164.1 billion in 2007 – with non-travel expenses (e.g. meeting rooms, catering, audio/visual equipment) representing 46 percent; and travel comprising the other 54 percent.
While the survey finds that the industry has traditionally lagged in regards to information technology, it reveals that the Internet and information technology is quickly becoming one of the industry’s next major competitive arenas. Findings include predictions that online penetration will reach 41 percent by 2008, driven by a number of factors detailed in the research.
“The statistics, data and forecasting in this report are invaluable references, and we are proud to be able to support the entire industry by helping to fund this type of in-depth industry research,” said Jeff Weggeman, vice president of sales and marketing, ARAMARK Harrison Lodging. “We encourage everyone to review the study’s findings to gain additional perspective as to how our industry continues to grow and evolve.”
Additional results of the research conclude that suppliers will need to simplify and streamline business processes and leverage online bookings and the Internet or else risk revenue loss to competitors and/or new entrants. The survey also found that with new, technologically-savvy market entrants, more attention will be made on upgrading technology in order to educate the consumer and promote online bookings.
Companies are going to have to centralize inventory and rates and incorporate them into other systems to enhance offerings and optimize resources – in order to remain competitive.
Other interesting statistics include projecting that small, leisure gatherings, which include family reunions, weddings and religious groups, will reach a $51.3 billion market by 2008, up from $47.2 billion in 2006. By 2008, the online travel penetration of small leisure groups will be nearly three times the rate of larger leisure groups.
Complete copies of the PhoCusWright Study are available. For more information about ARAMARK Harrison Lodging, please log on to www.aramarkharrisonlodging.com.
The PhoCusWright study’s full results can be obtained by request to Amy Toosley at firstname.lastname@example.org or by calling 619-533-7976.
About ARAMARK Harrison Lodging
ARAMARK Harrison Lodging, a division of ARAMARK, provides a wide range of professional services, including meeting and recreational support services to 50 conference and corporate training centers, specialty hotels, national and state parks, resorts and other tourist destinations throughout the United States. ARAMARK Harrison Lodging is a single source provider for educational environments, event and meeting planning, premium dining needs and catering, on-site restaurants, retail merchandise sales and facilities management. For more information on ARAMARK Harrison Lodging, please log on to www.aramarkharrisonlodging.com.
ARAMARK is a leader in professional services, providing award-winning food services, facilities management, and uniform and career apparel to health care institutions, universities and school districts, stadiums and arenas, and businesses around the world. In FORTUNE magazine's 2006 list of "America's Most Admired Companies," ARAMARK was ranked number one in its industry, consistently ranking since 1998 as one of the top three most admired companies in its industry as evaluated by peers and industry analysts. The company was also ranked first in its industry in the 2006 FORTUNE 500 survey. Headquartered in Philadelphia, ARAMARK has approximately 240,000 employees serving clients in 20 countries. Learn more at the company's Web site, www.aramark.com.
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|Scott Shontz Named Vice President of Development, ARAMARK Harrison Lodging / January 2006|
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|Tom Nolan Promoted to Regional Vice President of ARAMARK Harrison Lodging / June 2005|
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|Jack Kealey, Senior Vice President of ARAMARK Harrison Lodging, Retires / March 2005|
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|Mike Fahner and Greg Wier Named to Vice President Posts with ARAMARK Harrison Lodging / September 2004|
|Merrill Lynch Conference & Training Center to Retain ARAMARK Harrison Lodging Management, Undergo Improvements and Name Change to Harrison Conference Center & Hotel -- Princeton Forrestal Center / Aug 2004|
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