New IACC and SHFM Report Provides Insight Into Meeting Venue Trends
September 9, 2019
IACC and the Society for Hospitality and Foodservice Management have released a combined research project, “Trends in the Meeting Venue Industry,” which provides insights and predictions on the U.S. conference venues market from a venue perspective.
The report is available in two versions, one that focuses on residential conference venues (venues that offer guest rooms as well as meeting facilities) and the other on non-residential.
Both versions utilize full year 2018 operating data collected from 69 IACC and SHFM member venues in the U.S. and explore a variety of elements including average rates; occupancies; package allocations; salary benchmarking; source of business; utilization; technology procurement and running costs. When possible, the results in these reports contain comparisons to results published in previous joint IACC and SHFM reports.
The report versions include data on both types of venues that are available for any organization to book and private venues that are owned and run by individual corporations.
Key data points include:
- Residential venues host significantly higher percentages of local groups (67%) than non-residential venues (41%)
- Non-residential venues host more national groups (49%) than residential venues (16%)
- 100% of marketed (commercially available) residential venues offer incentives for groups to book during low-demand periods – representing 60% of venues overall
- Survey participants rate repeat customers (100%) and referrals (88%) as the most effective sources of business, followed by website leads (50%), personal sales calls (50%) and online advertising (43%)
“The outlook for the U.S. economy is strong, with predictions that meetings business will continue to grow, including 50% of those surveyed feeling conference and meeting duration will increase in the next 12 months,” said Mark Cooper, IACC’s chief executive officer.
The full reports can be purchased from IACC’s website here.
Photo credit: Ibrahim Boran/Unsplash
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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