The business events industry’s post-pandemic recovery
gathered pace in the first half of the year, but an economic slowdown in many
countries has made market conditions more challenging.
That’s according to the latest EIC Global Events Barometer,
from the US-based Events Industry Council, which showed business levels returning
to 2019 levels in two key metrics.
The barometer showed a second consecutive quarter of an
increase in hotel room nights and business event RFPs (request for proposals) in
the second quarter of 2023.
The RFP activity index increased to 91, representing RFPs sent
by event planners during the quarter for future events equivalent to 91 per
cent of 2019 levels.
RFP activity for large and medium events reached
pre-pandemic levels for the first time (103% of 2019 levels), while small
events remain at 88 per cent of 2019 levels.
And in some regions RFP activity has surpassed 2019 levels
with the Middle East and North America leading the way at 128 per cent and 116
per cent of 2019 levels respectively.
Meanwhile, the hotel group room nights index increased to 98, representing stays during the quarter equivalent to 98 per cent of 2019 levels – an almost complete recovery.
Looking ahead, cooling economic growth represents a headwind
for the recovery of business events in the second half of 2023, though the
longer-term outlook for business events remains favourable.
Business leaders remained cautious, with concerns that
geopolitical tensions and tightened lending now pose the greatest threats to
the global economy.
Amy Calvert, CEO, Events Industry Council, said: “It is
vitally important for our sector and stakeholders that we continue to measure
and share the industry’s wide-ranging impact and leverage this forecast model
to tell our best story. Trade shows, association conferences, corporate events
and incentive events also produce catalytic effects. Areas such as knowledge
sharing, innovation and employee engagement go well beyond direct event
spending.”
Written By
James Lancaster
AMI editor James
Lancaster is a familiar face in the meetings industry and international
association community. Since joining AMI in 2010, he has gained a reputation
for asking difficult questions and getting lost in convention centres. Proofer, podcaster, and panellist - in his spare time, James likes to walk,
read, listen to music, and drink beer.
