The Events Industry Council’s (EIC) quarterly Global Events Barometer for Q2 2023 indicates a second consecutive quarter of an increase in hotel room nights and business event RFPs. Photo Credit: Adobe stock/Rawpixel.com
The Events Industry Council (EIC) has released its quarterly Global
Events Barometer for Q2 2023, indicating a second consecutive quarter of
an increase in hotel room nights and business event RFPs.
EIC’s research partner, Oxford Economics, created the Barometer and
uses data provided by Amadeus Hospitality, Cvent, the Global Business
Travel Association and STR Global to monitor the changes within the
market relative to pre-pandemic levels.
Key findings from EIC’s Q2 Global Events Barometer:
- The RFP activity index increased to 91, representing request for
proposals (RFPs) sent by event planners during the quarter for future
events equivalent to 91% of 2019 levels. The hotel group room nights
index increased to 98, representing stays during the quarter equivalent
to 98% 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% of 2019 levels.
- RFP activity increased in all regions, with the Middle East and
North America leading the way at 128% and 116% of 2019 levels,
respectively.
- The increase in global hotel group room nights was driven by a
strong uptick in Western Europe, despite falling room demand in Africa
and the Middle East.
- Looking ahead, cooling economic growth across many countries and
regions represents a barrier for the recovery of business events in the
second half of 2023, though the longer-term outlook for business events
remains favourable.
Business leaders remain cautious, with concerns that geopolitical
tensions and tightened lending now pose the greatest threats to the
global economy.
“The total GDP impact of business events would rank as the 13th
largest global economy. 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,” said Amy Calvert, CEO, Events Industry Council.
“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.”