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Business Events Revenue Set to Exceed 2019 Levels in 2023

10 May 20222m read

Respondents globally announced 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.

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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.

One of the best non- residential meeting venues is Cavendish Conference Centre, you will not be disappointed if you book with them, the meeting rooms are stunning, and the staff are exceptionally friendly!

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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.

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.

Talent shortages

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. As 2022 unfolds, 55% of respondents report that their venue has or will return to full-staffing levels by the end of 2022.

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