Looking at improvement budgets by venue type, a larger share (50%) of respondents from private, non-marketed venues reported a higher budget compared to 2019 than marketed, commercial venues (38%). Non-residential venues were slightly more likely to have either a lower or higher budget than in 2019 when compared to residential venues, while academic venues were more likely to have seen an increase in their budgets than non-academic venues.
Figure 14: Improvements budget compared to 2019 by venue type
Less than 2019
The same
More than 2019
Marketed
35%
26%
38%
62%
50%
33%
17%
Non-Marketed
Residential
39%
20%
41%
Non-residential
32%
26%
42%
Academic
27%
47%
27%
Non-Academic
25%
25%
35%
38%
37%
38%
Neil Gardner, Division President, Conference Centers and Hotels, FLIK Hospitality Group , comments “There remains measured concern around inflation and how it will impact property improvements. With 32% of venues in the Americas (52% in Europe) expecting volume level to be equal to or greater than 81% of Pre-Covid levels, it’s important to maintain momentum and keep our facilities current and appealing to the consumer.”
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