Lime Venue Portfolio is predicting continued growth in the meetings and events market following release of its latest Q1 trends data.
The data (taken from 90+ venues) shows quarter on quarter growth for the last two periods and predictions for further growth in the second half of 2023.
The brand, which supports over 200 enquiries a week, saw a 15% growth in the value of those event enquiries in the last quarter (January – March 2023) compared to the previous.
The data also shows positive growth in size and stature of these events. Previously, reporting has shown average delegation sizes of 120, whilst the recent average of these enquiries is now 170.
Jo Austin, sales director, Lime Venue Portfolio, commented: “The key trend isn’t around volume but value. The rise in delegate numbers indicate a readiness of delegates to come to meetings, and be there face-to-face. It also shows an increased investment from businesses and brands in event marketing.”
Another trend is the continued reduction in lead times, despite the growth in the average size of event. Of the £15m enquiries, 47% were in the same quarter and 28% were for the following one.
Austin added: “The reduction in lead times, whilst putting pressure on organisers, does indicate a more dynamic industry. It means suppliers can remain flexible with the way we deal with enquiries, as well as more accurate in our pricing.
“All in all, these are great figures for the industry and ones that should give us confidence to invest in our product and our relationships.”
