EIC’s Global Barometer Points to Sustained Recovery for Business Events

The Events Industry Council’s latest quarterly report shows group hotel nights now surpass 2019 bookings

The Events Industry Council (EIC), a global voice of the business events industry, released its

quarterly Global Events Barometer for Q2 2024. The numbers reflect positive momentum for the global

business events industry in almost every region around the world.

In 2024 Q2, the hotel group room nights index increased to 106. This represents stays during

the quarter equivalent to 106% of 2019 levels. The RFP activity index, representing request for

proposals (RFPs) sent by event planners during the quarter for future events, increased strongly

to 99% of 2019 levels.

Both index components showed gains across almost all global regions, indicating a widespread

pick-up in activity. Hotel group demand gains were particularly strong in Middle East and

Western Europe. RFP activity gains were strongest in Africa and Latin America and the

Caribbean.

As highlighted in EIC’s 2023 Global Economic Significance of Business Events Study released

in May 2023, global business events continue to recover from the impacts of the pandemic. A

critical piece of that study is understanding the events industry’s recovery as well as where the

industry is heading.

EIC’s quarterly Global Events Barometer addresses the need to monitor our progress over time

and by key global regions and countries. 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.

The latest global economic outlook anticipates the global recovery will remain steady. Concerns

that a U.S. recession could push the world economy on to a weaker growth trajectory are

misplaced, the report says. Given the massive overshoot of inflation experienced in recent

years, Oxford Economics expects central banks to be cautious and bring policy interest rates

down slowly.

Other key findings include:

  • The Barometer report now also includes data on the recovery in group room rates,

representing a key indicator of hotel pricing for business events. Global room rates in

RFP responses in 2024 Q2 averaged 124% of 2019 levels.

  • RFP activity for small events improved to 97% of 2019 levels, showing some of the

improvement that had already been evident in large and medium events.

  • The top perceived downside risk to businesses in the near term is geopolitical tensions,

such as those related to the Middle East, China-Taiwan, and Russia-NATO.

“This report comes at a moment when we as a global society continue to grapple with many

challenging issues,” said EIC President and CEO Amy Calvert. “These include the disruptive

forces from climate change and related catastrophic weather events, geopolitical turbulence,

war taking place on multiple fronts, the threat of continued escalation of tension between rival

countries, and the related multiple humanitarian crises.”

Calvert says the industry’s resilience re-enforces its purpose as conduits for human connection

and community building. “As a sector we are learning to adapt to the evolving expectations of

our constituencies, and the ongoing challenges to support and build our workforce,” she said.

“As a federation, we are united in our commitment to fighting complacency and to using the

learning of the past few years as a call to action. We must act now as a reflection of our values and

our commitment to lead.”

Any thoughts, opinions, or news? Please share them with me at vince@meetingsevents.com.

Photo: Events Industry Council

LaGuardia Soars to the Top in Forbes Travel Guide’s Inaugural Air Travel Awards

In a stunning turnaround, LaGuardia Airport has been crowned the Best U.S. Airport in Forbes Travel Guide's first-ever Verified Air Travel Awards. This accolade comes just a decade after the airport was widely derided as one of the worst in the country.

Subscribe

to receive every two weeks our newsletter with unique meeting event planning information!

* indicates required
MeetingsEvents.com