The UK meetings and events industry has experienced a rise in the Price Per Head by 14.7% in Q1 of 2023, according to the Event Economy Tracker by The Business of Events.
A spokesperson from The Business of Events said: “This increase indicates that despite the challenges posed by the pandemic, the industry has been able to maintain its value proposition for attendees.”
However, the data powered by Venue Performance also shows Q1 of 2023 (January/February) was slow. The quarter was ‘saved’ by March which saw a boost due to a combination of end-of-year budgets and “greater optimism in the economy”.
Other key findings include:
- Q2 of 2023 is forecasted to be a “tricky” period for the industry. The impact of Easter and three Bank Holidays in May is expected to affect the number of bookings for events.
- Meetings are more prevalent than conferences in the industry. This suggests that attendees are more comfortable with smaller events rather than larger-scale conferences. Data shows that delegation sizes have reduced and now sit at 74 people on average.
- Despite the challenges faced by the industry, it is now sitting at levels similar to 2019.
- Short lead times remain. In Q1 2023, the average lead time was 64 days, which was slightly higher than Q1 2022, where the average lead time was 54 days. Q4 2022 saw a higher average lead time of 87 days.
Martin Fullard, director, news and content – The Business of Events, said: “The data revealed by Venue Performance for Q1 indicates that there broadly remains a strong appetite for conferences and meetings in the UK, and that we are seeing the market return to more sustainable levels after the heights seen in 2022.
“However, Price Per Head has increased, exceeding inflation, as the cost of living continues to bite, forcing the supply chain to pass costs on to event planners. The upcoming months will prove another big test for the industry’s resilience.”
