Business events venues expect pre-pandemic revenue by 2023

IACC’s annual Meeting Room of the Future Barometer 2022 report reveals positive recovery, with Danish and Australian venues leading the way.

Two-thirds of venues expect recovery to 2019 meeting revenue levels in 2022 or 2023, according to IACC.
Two-thirds of venues expect recovery to 2019 meeting revenue levels in 2022 or 2023, according to IACC. Photo Credit: gettyimages/ Blue Planet Studio

Two-thirds of venues expect recovery to 2019 meeting revenue levels in 2022 or 2023, with Danish and Australian venues leading the way, according to IACC’s annual Meeting Room of the Future Barometer 2022.

Global responses varied slightly among countries, with the US only expected to hit 2019 levels in 2024. In 2021, average meeting and business events revenue was 45% lower than 2019 levels, but in 2022, this percentage is expected to shrink to just 8% below 2019 levels.

The report was published with the support of IACC partners Encore Global, Benchmark Hospitality, Flik Hospitality Group/Rapport and Aramark Conferencing.

Importantly, it revealed the increased demand for in-person events. In 2021, 30% of respondents reported that more than 90% of their live meetings and events also offered virtual access. In 2022, this percentage has dropped to 19%.

IACC’s The Future of the Meeting Industry report published in February highlighted that the value of human interaction is ranked the highest of seven factors when considering attending an in-person meeting. It ranked above expanding of networks, scheduling and cost of attending.

Additionally, the topic of sustainability continues to be a key focus with planners. Venues in Europe and Australia report more of a focus on environmental and social responsibility, with 46% of respondents receiving increased requests from clients to either state or provide social responsibility and environmental credentials.

Talent shortage was a concern addressed in the study, and 55% of respondents reported that their venues have or will return to full-staffing levels by year-end.

The survey was conducted over three weeks in March 2022 with 87 venue operators from three continents (Americas, Europe and Australia) taking part in the research study.



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