EIC Barometer: Business Events Recovery Gains Major Momentum in 2022 Q2
The Events Industry Council (EIC) released the findings of its 2022 Q2 Global Business Events Barometer, which revealed a strong increase in its two major indexes: business event request for proposal (RFP) and group hotel room nights.
According to the barometer, which monitors the changes within the market relative to pre-pandemic levels, the Q2 RFP activity index rose to 81% of 2019 levels and the Q2 group hotel room nights index jumped to 83% of 2019 levels.
The barometer points to the fact that RFP activity for events with short lead times has recovered further than requests for events with greater lead times and that both indexes improved in all global regions in Q2. RFP activity was the highest in Central and Eastern Europe, the Middle East and North America.
Meanwhile, group hotel room nights were the highest in North America, the Middle East and Western Europe.
While the Q2 results show optimism for further recovery of the business events sector, the industry should be prepared for all scenarios in the future, according to Amy Calvert, CEO of the EIC.
“It is incredibly heartening to witness the significant momentum in the second quarter of the year,” Calvert said. “However, with rising inflation rates, the impact of the energy crisis and ongoing socio-political events, we must remain confident in our capacity and yet prepared for all possibilities, continuing to build upon the momentum and celebrating what we have achieved thus far.”
Longer-term forecasts in the barometer anticipate a cautious economic outlook, with several countries, particularly in Europe but also the U.S. and Canada, facing risks of short, mild recessions in the coming quarters. Such economic headwinds are anticipated to slow but not upend a sustained industry recovery.
The barometer, which was created by Oxford Economics on behalf of EIC as part of the 2021 EIC Economic Significance Study, uses data provided by Amadeus Hospitality, Cvent, the Global Business Travel Association and STR Global.
The report has also been supported and sponsored by several leading industry organizations, including AHLA, ASAE, Freeman, IACC, IAEE, IRF, the Los Angeles Tourism and Convention Board, Maritz Global Events, MGM Resorts International, MPI, Northstar Meetings Group, NYC & Co, PCMA, RCMA, SISO, SITE and the U.S. Travel Association.
Download the Global Business Events Barometer here.