EIC’s Global Business Events Barometer Shows Promising Increases for the Industry
January 5, 2022
The newly launched Global Business Events Barometer from the Events Industry Council (EIC) has found a significant upswing in global group demand during Q3 2021, while overall, business meetings and events activity has recovered to approximately half of pre-pandemic levels.
The barometer, which was created by Oxford Economics on behalf of EIC as part of the 2021 EIC Economic Significance Study, monitors the changes within the market relative to pre-pandemic (2019) levels and explores two key areas: hotel group room nights and request for proposal (RFP) activity.
The barometer indicates that during Q3 2021, RFP activity rose 124.4%, and hotel group room nights increased 68.8% compared to the same period in 2020. Additionally, 57% of companies reported conducting domestic business travel, more than twice as 2020, while international travel is also improving, with one in five companies continuing or resuming international travel, three times as many as a year ago.
With the results showing that meetings and events are now on the upswing, RFP activity has recovered to 50% of Q3 2019 levels, and hotel group room nights recovered to 53% of Q3 2019 levels.
The strongest RFP activity was reported in the Caribbean, Latin America, the Middle East and North America. The strongest hotel group room demand was reported in Asia Pacific, the Middle East and North America.
Meanwhile, RFP activity for smaller events and those taking place within one year is showing stronger recovery over larger and more complex events with lead times of more than one year.
“The latest data show that business events, which collapsed during the early stages of the pandemic, are substantially resuming, said Adam Sacks, managing director of Oxford Economics. “Global activity is still far short of pre-pandemic levels, but this first leg of recovery underscores the importance of business meetings and events to individual and corporate performance.”
Amy Calvert, CEO of EIC, is encouraged by the global business events sector’s continuous signs of growth, calling the results of the barometer a sign of strong demand for the return of face-to-face events over virtual and hybrid options.
“As an industry, we have made fantastic progress in our recovery,” Calvert said.
She added that as the industry moves into 2022, it faces the inevitable ebb and flow caused by emerging COVID-19 variants such as omicron and must continue to use scientific data to help make the necessary decisions and implement the appropriate measures to continue the industry’s recovery.
“While we focus on building trust and confidence, we have remarkable examples from across the globe of business events not only happening safely but offering tremendous value and impact,” she said.
The Global Business Events Barometer was created by Oxford Economics using data provided by Amadeus' MeetingBroker distribution platform, Cvent, the Global Business Travel Association and STR Global.
The report has also been generously supported and sponsored by several leading organizations, including AHLA, ASAE, Freeman, IACC, IAEE, Los Angeles Tourism and Convention Board, Maritz Global Events, Meetings Mean Business, MGM Resorts International, MPI, Northstar Meetings Group, NYC and Co, PCMA, RCMA, SISO and USTA.
A copy of the Global Business Events Barometer can be downloaded here.
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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