RFP activity and hotel group room nights showed a significant increase in Q2 2022, with both indexes reaching over 80 percent of 2019 levels, according to the 2022 Q2 Global Business Events Barometer, released September 23rd by the Events Industry Council (EIC).
According to this research, which monitors the changes within the market relative to pre-pandemic (2019) levels, the RFP activity index increased to 81, equivalent to 81% of 2019 levels. The hotel group room nights index matched the gain, rising to 83, representing stays during the quarter equivalent 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. The recovery of event activity has been strongest in the Middle East and North America.
Longer-term forecasts in the Barometer anticipate a cautious economic outlook. Several countries, particularly in Europe but also the US and Canada, face risks of short, mild recessions in coming quarters. Such economic headwinds are anticipated to slow but not upend a sustained travel recovery.
EIC CEO, Amy Calvert commented: “It is incredibly heartening to witness the significant momentum in the second quarter of the year. 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.”
The Global Business Events Barometer was created by Oxford Economics using data provided by Amadeus Hospitality, Cvent, the Global Business Travel Association and STR Global.
The report has been generously supported and sponsored by leading organizations including AHLA, ASAE, Freeman, IACC, IAEE, IRF, Los Angeles Tourism & Convention Board, Maritz Global Events, MGM Resorts International, MPI, Northstar Meetings Group, NYC and Co, PCMA, RCMA, SISO, SITE and the US Travel Association.
Download a copy of the report here.