Venues in the UK confirm the very healthy state of our industry… and its tensions
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Our industry is in good, very good health. Many surveys confirm it on the planner side… but also, now, looking at venues. The Business of Events, in association with Venue Performance, has published its Events Economy Tracker for Q3 2024. The tracker, which analyses data from 350 venues from the UK, details booking trends, revenue per delegate, booking lead times, and delegate numbers. And it confirms the situation we all feel. Here are a few conclusions.
- Higher revenue per participant. For Q3 2024, revenue per participant, which includes venue hire, F&B, and expenses such as AV hire, reached an all-time high of £150.01. This marks a significant increase from Q1 2024’s £114.30, a huge increase.
- Longer lead times, necessary if you want to find a venue…. Lead times for event bookings averaged 87.26 days in Q3 2024, an increase from 78 days in Q1 2024. This is most likely a consequence of a strong market in which, if you want to find a venue (especially a large one), you’d better do it in advance.
- More participants per event. This is less obvious, since we see in external events, a trend towards smaller events (not in internal events, and not in congresses). The average delegate attendance in Q3 2024 was 57.59, up from 51 in Q1 2024.
According to Peter Heath, Managing Director of Venue Performance, “Sales and events are steady for July – August and show resilience in the sector. Looking further out from the beginning of ‘24 and even further out from ’23, the general trend is up, signaling a positive end to the year.”
The report can be downloaded here: The Business of Events
