Actionable insights from economic data
By Michael Pinchera
Economist Dr Elliot Eisenberg wants event professionals to see how economic data can give them a real business edge—a takeaway he hopes attendees gain from his IMEX America keynote, Navigating the Complexities of Macroeconomics for Business Success, supported by Damon Brooks & Associates.
“I’m speaking to help event professionals by focusing their attention on four or five different variables that can give them useful insights—quick ones that are easily available and relatively easily understood,” he says. “There are no iron-clad, perfect correlations here, but looking at the economic background will help you be a better event planner and more valuable to your company or client.”
While the flood of data can feel overwhelming, Elliot will spotlight several metrics that don’t require a degree in economics to grasp or act on.
“Two that are especially relevant to our industry: ADR and RevPAR,” he says, noting that understanding these can help secure better hotel deals. “If RevPAR, ADR or occupancy is down—whoa—this is like manna from economic heaven. It gives you deep insight.”
Even broader indicators, like interest rates trends, can lead to smart savings for planners, he adds. “The idea is look at the data and think about it,” he explains. “Don’t be intimidated. Don’t see it as a forest of numbers you can’t decode. Pick four, five or six variables that matter to your part of the industry.”
Some factors affect nearly every sector. “High unemployment is never good for anybody; high inflation drives up prices—most people get that,” he says. “But you’ve got to think holistically. Don’t just focus on one variable.”
With so much information available, Elliot encourages planners not to tune it out. “Don’t skip the economic story in your newsfeed,” he advises. “You might not understand it right away, and that’s OK. Over time, you will. Even a couple sentences can be valuable.”
“Event professionals are incredibly smart—executing events is complex. I just want to give them a little extra edge. A lot of people don’t love numbers, and that’s OK. Just dip your toes in gently.”
Dr Elliot Eisenberg at IMEX
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