Business Events Revenue Set to Surpass 2019 Levels in 2023!
Respondents globally reported that 2023 would be the year when meetings and business events revenue surpassed 2019 levels. Predictions differed by country, with projected revenues in Denmark to surpass 2019 levels as early as 2022. Globally the meetings and event’s industry is forecasting 2022 revenue to be just 8% down on 2019. The UK and Americas are the laggards, UK conference revenue down 20% (2022 /2019) and Americas down 32%.
Strongest Recovery amongst smaller conferences & meetings
Of 87 respondents spread over 3 continents, 58% reported current enquiry levels to be strongest amongst smaller meetings and events compared to 46% for larger events.
Residential venues recovering faster than non-residential
Residential meeting venues (non-university) are predicting the earliest return to pre-pandemic revenue levels, while urban non-residential predicting the longest recovery time.
Value of in-person events
Research carried out by the Hotel Management School (Maastricht) indicates that the meeting types most likely to hold in person events are teambuilding and training sessions.
Changing corporate life is reinforcing this trend, IACC research indicates a the short to mid-term, there will be a drop in daily meetings, replaced by increasing weekly, monthly and annual meetings. Smaller meetings of less than 50 are most common. This is something we first saw in Cavendish Venues some months ago, see HERE.
In-Person venue inspections/show rounds are back!
There is also evidence that planners are increasingly recognising the value of and returning to in-person venue inspections. The percentage of venue tours by first-time clients running a conference (of 75 or more attendees) is 52%.
Hybrid & Digital are here to stay
IACC’s research shows a compelling 65% of those surveyed expect an increase in demand for virtual meetings (at least in the short to mid-term). Though the initial euphoria around Hybrid meetings is declining. A report in the Financial Times today highlights how the number of events on the virtual events listing platform Hopin has fallen from 15,000 at the height of the pandemic to 500 today.
The Barometer notes that the meetings industry has not been immune to the challenges of attracting and retaining workers. The study predicts that talent shortages will be alleviated over time. As 2022 unfolds, 55% of respondents report that their venue has or will return to full-staffing levels by the end of 2022. Talent shortages will be alleviated over time. As 2022 unfolds, 55% of respondents report that their venue has or will return to full-staffing levels by the end of 2022.
At Cavendish Venues we are continuing to see very strong demand for our meeting and conference rooms across Central London. (as first reported here) We are currently forecasting that May 2021 will be stronger than May 2019. If you would like to book a meeting or conference please get in touch on 0207 706 7700 or email@example.com
At Cavendish Venues we are committed to exceeding your expectations, and with over 93% repeat business we know we're doing something right!