The Industry’s Pace of Recovery
According to the IACC-sponsored Global Events Barometer, commissioned by the Events Industry Council and conducted by Oxford Economics, RFP activity and hotel group room nights surpassed 80% of pre-pandemic levels in Q2 2022. Similarly, the event intelligence company Knowland, in their Meetings Recovery Forecast, found that the US meetings industry outperformed previous forecasts in Q3 2022, projected to reach 73% recovery by the end of the year and surpass pre-pandemic levels in 2023. MPI’s November 2022 Meetings Outlook quarterly research reports that nearly a third of meeting professionals say their business is back to pre-pandemic levels with another third predicting that return at some point in 2023. Meanwhile, sustained positive projections for business over the next 12 months have remained above 80% for the past four quarters. Indicators tracking the recovery of the meetings industry continue to show a positive trajectory. With most countries having now lifted travel restrictions and pent-up demand for business events from the pandemic, there is much reason for optimism for business event hotels and venue operators.
Jessie States, Vice President, Meeting Professionals International has a vie w on the place of recovery “Despite fears of a recession, meeting professionals in most sectors are predicting that business will resume a new, highly positive normal in the coming year. The challenges to this will remain filling open roles, supply chain recovery, cost increases, short-term bookings and, conversely, last- minute registration.”
Cvent’s Meetings Industry Pulse Survey from October 2022 indicates that demand for new events remains high and meeting planners remain optimistic.
Most have made a full recovery in their meetings volume, albeit with attendance levels remaining below pre-pandemic norms.
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