On My Agenda: A History Lesson and a George Bailey Moment

History Lesson

I often think about something Loews Corp. chair and CEO Jonathan Tisch said in June 2009 – also a tough time for the travel industry. While still reeling from the 2008 financial crisis, we found ourselves dealing with the effects of H1N1, the so-called swine flu.

"With an incident like swine flu, you realize how quickly an unforeseen event can affect your business," said Tisch at the NYU Hospitality Industry Investment Conference that year. "What worries you as a hotel industry executive, what keeps you up at night, is the thing you can't anticipate."

At the time, Tisch thought the health crisis might have a lasting impact on traveler behavior. "My concern is that it will be permanent," he said. Of course it didn't happen that way. In fact, hotels enjoyed 10 straight years of growth, from 2010 until now.

Today we find ourselves in a more precarious situation, but we're much better prepared to handle adversity than we were in 2009. That was the year the U.S. Travel Association created the Meetings Mean Business Coalition, expressly to demonstrate — to lawmakers and the public — the incredible value that business meetings, travel and events bring to the U.S. economy. The fast mobilization of MMBC and other organizations as the COVID-19 crisis has unfolded is a testament to the hard work of the coalition and the lessons we have learned as an industry.

A George Bailey Moment

Another lesson learned the hard way: We really miss meetings! New research from APCO Worldwide found that 83 percent of Americans who are now working from home miss face-to-face meetings and conventions. Almost as many — 78 percent — plan to attend as many or more when it's safe to do so.
    
We're all counting on that. "It's a wonderful life, and we're having a George Bailey moment here," said MPI president Paul Van Deventer on Tuesday, during a slate of virtual sessions for Global Meetings Industry Day. "The world is learning what it's like to be without hospitality, to be without live events. That thirst for social interaction, that thirst to get together to create and innovate, is really being missed right now. We crave it, and we need it."

A strong recovery, however, requires significant and swift financial support. The Events Industry Council is collaborating with members and partners to unify our voice and communicate loudly: We have the power to drive economic recovery, but we need help now. This letter from Amy Calvert, CEO of the council, explains how to convey that message to elected officials who have the power to help.

What Now? What Next?

Those are the two questions we've been exploring daily, even hourly. Some of the best answers have come from your collective voice. Northstar initiated a weekly Pulse Survey in late February to see how planners were handling the swift global shutdown of group events, and how suppliers were reacting to the flood of cancellations and postponements.

Conditions are changing rapidly, and so are our questions. The survey we launched this week is more personal and predictive. We'd like to know how the crisis has affected your job, and when you expect live events to return. Another big question: How will they be different?

Please take a few minutes to share your insights; we'll be refreshing this research every two weeks to assess changes in sentiment and expectations.
 
How are you coping? How can we help? Please let me know.