EIC Barometer: Business Events Recovery Gains Major Momentum in 2022 Q2
October 17, 2022
The Events Industry Council (EIC) released the findings of its 2022 Q2 Global Business Events Barometer, which revealed a strong increase in its two major indexes: business event request for proposal (RFP) and group hotel room nights.
According to the barometer, which monitors the changes within the market relative to pre-pandemic levels, the Q2 RFP activity index rose to 81% of 2019 levels and the Q2 group hotel room nights index jumped to 83% of 2019 levels.
The barometer points to the fact that RFP activity for events with short lead times has recovered further than requests for events with greater lead times and that both indexes improved in all global regions in Q2. RFP activity was the highest in Central and Eastern Europe, the Middle East and North America.
Meanwhile, group hotel room nights were the highest in North America, the Middle East and Western Europe.
While the Q2 results show optimism for further recovery of the business events sector, the industry should be prepared for all scenarios in the future, according to Amy Calvert, CEO of the EIC.
“It is incredibly heartening to witness the significant momentum in the second quarter of the year,” Calvert said. “However, with rising inflation rates, the impact of the energy crisis and ongoing socio-political events, we must remain confident in our capacity and yet prepared for all possibilities, continuing to build upon the momentum and celebrating what we have achieved thus far.”
Longer-term forecasts in the barometer anticipate a cautious economic outlook, with several countries, particularly in Europe but also the U.S. and Canada, facing risks of short, mild recessions in the coming quarters. Such economic headwinds are anticipated to slow but not upend a sustained industry recovery.
The barometer, which was created by Oxford Economics on behalf of EIC as part of the 2021 EIC Economic Significance Study, uses data provided by Amadeus Hospitality, Cvent, the Global Business Travel Association and STR Global.
The report has also been supported and sponsored by several leading industry organizations, including AHLA, ASAE, Freeman, IACC, IAEE, IRF, the Los Angeles Tourism and Convention Board, Maritz Global Events, MGM Resorts International, MPI, Northstar Meetings Group, NYC & Co, PCMA, RCMA, SISO, SITE and the U.S. Travel Association.
Download the Global Business Events Barometer here.
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Partner Voices
Overview:
The award-winning Orange County Convention Center (OCCC) goes the extra mile to make every day extraordinary by offering customer service excellence and industry-leading partnerships. From their dedicated in-house Rigging team to their robust Exhibitor Services, The Center of Hospitality brings your imagination to life by helping you host unforgettable meetings and events. With more than 2 million square feet of exhibit space, world-class services and a dream destination, we are committed to making even the most ambitious conventions a reality.
In October 2023, the Orange County Board of County Commissioners voted to approve allocating Tourist Development Tax funding for the $560 million Phase 5A completion of the OCCC. The Convention Way Grand Concourse project will include enhancements to the North-South Building, featuring an additional 60,000 square feet of meeting space, an 80,000- square-foot ballroom and new entry to the North-South Building along Convention Way.
“We are thrilled to begin work on completing our North-South Building which will allow us to meet the growing needs of our clients,” said OCCC Executive Director Mark Tester. “As an economic driver for the community, this project will provide the Center with connectivity and meeting space to host more events and continue to infuse the local economy with new money and expanding business opportunities.”
Amenities:
The Center of Hospitality goes above and beyond by offering world-class customer service and industry-leading partnerships. From the largest convention center Wi-Fi network to custom LAN/WAN design, the Center takes pride in enhancing exhibitor and customer experience.
The OCCC is the exclusive provider of electricity (24-hour power at no additional cost), aerial rigging and lighting, water, natural gas and propane, compressed air, and cable TV services. Convenience
The Center is at the epicenter of the destination, with an abundance of hotels, restaurants, and attractions within walking distance. Pedestrian bridges connect both buildings to more than 5,200 rooms and is within a 15-minute drive from the Orlando International Airport. The convenience of the location goes hand-in-hand with top notch service to help meet an event’s every need.
Gold Key Members
The OCCC’s Gold Key Members represent the best of the best when it comes to exceptional service and exclusive benefits for clients, exhibitors and guests. The Center’s Gold Key memberships with Universal Orlando Resort, SeaWorld Orlando and Walt Disney World greatly enhance meeting planner and attendee experiences offering world-renowned venues, immersive experiences and creative resources for their events.
OCCC Events:
This fiscal year, the OCCC is projected to host 168 events, 1.7 million attendees, and $2.9 billion in economic impact.
The Center’s top five events during their 2022-2023 fiscal year included:
AAU Jr. National Volleyball Championships 2023
200,000 Attendees
$257 Million in Economic Impact
MEGACON 2023
160,000 Attendees
$205 Million in Economic Impact
Open Championship Series 2023
69,500 Attendees
$89 Million in Economic Impact
Sunshine Classic 2023
42,000 Attendees
$54 Million in Economic Impact
Premiere Orlando 2023
42,000 Attendees
$108 Million in Economic Impact
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