A new 2012 London Venues Business Report claims £17.42m of contractual bookings have been made during the London 2012 Games.
The
report, launched jointly by The Westminster Collection (TWC), Unique
Venues of London (UVL) and The Conference Bench today, 20 July, features
a special focus on the London 2012 Olympic and Paralympic Games and
says the magnitude of bookings “has inspired event industry optimism in
the long-term impact of the Olympic Games on the conference and meetings
market”.
Forty-one per cent of venues report average lead times of three months or less.
The report also includes findings on events revenue, bookings and buyer behaviour.
Key findings from the 2012 London Venues Business Report include:
- 87%
of venues feel positive about the long-term impact the Olympic Games
will have on the conference and meetings market in 2013 and beyond - 51%
of venues believe that the Olympic Games will improve their 2012
full-year forecast, with nearly half of these venues anticipating
revenue increases of up to 30% - Pre- and
post-Olympic Games business is showing positive gains. Thirty-one venues
report increased revenue May-July 2012 compared with the same period in
2011, while 48 venues have reported increases in trade,
September-December 2012 - The average day delegate
rate (DDR) achieved by London venues in 2011 was £52.31, with 67% of
venues reporting their individual highest achieved DDRs were £80 or more - 41%
of venues report large events are being booked on average three months
or less in advance of the event date. The overall survey average
revealed a lead time of five months - Core revenue
streams saw significant growth in 2011, with half of all venues
reporting increases of up to and beyond 40%. 55% of venues saw their
room hire revenue increase in 2011, compared with the previous year – a
trend that continued into the first quarter of 2012, with 58% of venues
reporting room hire revenue growth of up to 40% compared with the same
period last year - 93% of venues successfully used ‘value add’ as a business conversion technique in 2011.
A
joint statement issued by the report sponsors reads: “Traditionally
TWC, UVL and The Conference Bench carry out their own individual annual
surveys, but we felt that this year pooling our efforts would create a
new-style report with much more comprehensive data.
“The London Venues Business Report
provides in-depth information from a whole range of London event
spaces, including one of the most comprehensive reviews of London’s
Olympic Games business yet to be released. We hope to replicate the
survey in future years and make the London Venues Business Report a
must-read industry survey”.
The 2012 London Venues Business Report is available for purchase, priced £95, via: Sophie@custardcommunications.com
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