Canceled Programs Cost Planners Millions in Fees, Suppliers Billions in Lost Revenue

The average meeting planner expects to cancel or postpone meetings worth $560,000 in room revenue in 2009 and 2010, according to a recent survey conducted by the Professional Convention Management Association, American Express, and the Y Partnership. Those canceled or rebooked meetings account for, on average, $81,000 per planner in penalty fees. Fifty-five percent of the survey respondents were association meeting professionals and 45 percent were corporate or incentive meeting pros.