Strong gains indicate a return to pre-pandemic stability
Global business events entity Events Industry Council (EIC) has released its Global Events Barometer for the second quarter of 2024, with results showing positive growth in nearly every region around the world.
The hotel group room nights index rose to 106, showing a return to 2019 levels. The RFP activity index, which measures the number of proposals sent by event planners during the quarter, increased to just shy of 2019 levels as well.
These two key elements indicate significant gains across the worldwide events industry, with hotel group demands particularly notable in the Middle East and Western Europe. The strongest gains were found to be in Africa, Latin America and the Caribbean.
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The quarterly report follows EIC’s 2023 Global Economic Significance of Business Events Study and is part of an overall strategy to actively monitor progress. The quarterly Global Events Barometer provides ongoing analysis and better understanding of the recovery of the international events sector following the Covid-19 pandemic, which devastated the industry.
Oxford Economics serves as EIC’s research partner and uses data provided by Amadeus Hospitality, Cvent, the Global Business Travel Association and STR Global. The statistics Oxford Economics has compiled indicate a steady recovery worldwide, though concerns over a possible U.S. recession show the results as tentative. Issues such as inflation can lead to a cautious approach by central banks, a key element that is being closely monitored by EIC. Other findings in the report include:
- Global room rates in RFP responses in 2024 Q2 averaged 124% of 2019 levels.
- Small event RFPs increased to 97% of 2019 levels.
- Geopolitical tension, including conflict in the Middle East and friction between China and Taiwan as well as Russia and NATO, is the top concern of financial stakeholders considering near-term business.
Amy Calvert, EIC president and CEO, pointed to the event industry’s resilience in a statement, saying, “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. 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.”
