EIC’s Global Business Events Barometer Shows Promising Increases for the Industry

January 5, 2022

The newly launched Global Business Events Barometer from the Events Industry Council (EIC) has found a significant upswing in global group demand during Q3 2021, while overall, business meetings and events activity has recovered to approximately half of pre-pandemic levels.

The barometer, which was created by Oxford Economics on behalf of EIC as part of the 2021 EIC Economic Significance Study, monitors the changes within the market relative to pre-pandemic (2019) levels and explores two key areas: hotel group room nights and request for proposal (RFP) activity.

The barometer indicates that during Q3 2021, RFP activity rose 124.4%, and hotel group room nights increased 68.8% compared to the same period in 2020. Additionally, 57% of companies reported conducting domestic business travel, more than twice as 2020, while international travel is also improving, with one in five companies continuing or resuming international travel, three times as many as a year ago.

With the results showing that meetings and events are now on the upswing, RFP activity has recovered to 50% of Q3 2019 levels, and hotel group room nights recovered to 53% of Q3 2019 levels.

The strongest RFP activity was reported in the Caribbean, Latin America, the Middle East and North America. The strongest hotel group room demand was reported in Asia Pacific, the Middle East and North America.

Meanwhile, RFP activity for smaller events and those taking place within one year is showing stronger recovery over larger and more complex events with lead times of more than one year.

“The latest data show that business events, which collapsed during the early stages of the pandemic, are substantially resuming, said Adam Sacks, managing director of Oxford Economics. “Global activity is still far short of pre-pandemic levels, but this first leg of recovery underscores the importance of business meetings and events to individual and corporate performance.”

Amy Calvert, CEO of EIC, is encouraged by the global business events sector’s continuous signs of growth, calling the results of the barometer a sign of strong demand for the return of face-to-face events over virtual and hybrid options.

“As an industry, we have made fantastic progress in our recovery,” Calvert said.

She added that as the industry moves into 2022, it faces the inevitable ebb and flow caused by emerging COVID-19 variants such as omicron and must continue to use scientific data to help make the necessary decisions and implement the appropriate measures to continue the industry’s recovery.

“While we focus on building trust and confidence, we have remarkable examples from across the globe of business events not only happening safely but offering tremendous value and impact,” she said.

The Global Business Events Barometer was created by Oxford Economics using data provided by Amadeus' MeetingBroker distribution platform, Cvent, the Global Business Travel Association and STR Global.

The report has also been generously supported and sponsored by several leading organizations, including AHLA, ASAE, Freeman, IACC, IAEE, Los Angeles Tourism and Convention Board, Maritz Global Events, Meetings Mean Business, MGM Resorts International, MPI, Northstar Meetings Group, NYC and Co, PCMA, RCMA, SISO and USTA.

A copy of the Global Business Events Barometer can be downloaded here.

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Partner Voices
Less than six months ago, Lisa Messina joined the Las Vegas Convention and Visitors Authority (LVCVA) as the first-ever chief sales officer after leading the sales team at Caesars Entertainment. A 12-year Las Vegas resident, Messina is a graduate of Cornell University’s School of Hotel Administration and serves on MPI International’s board of directors. TSNN had a chance to catch up with this dynamic leader and talk to her about her vision for the new role, current shifts in the trade show industry, creating more diversity and equity within the organization, and advice to future female leaders. Lisa Messina, Chief Sales Officer, LVCVA With Las Vegas becoming The Greatest Arena on EarthTM, what are some of the things you’re most excited about in your role? Our team was at The Big Game’s handoff ceremony earlier this month, and I couldn’t help but think, “We’re going to crush it next year!”  These high-profile events and venues not only drive excitement, but also provide unmatched opportunities for event planners. Allegiant Stadium hosts events from 10 to 65,000 people and offers on-field experiences. Formula 1 Grand Prix will take place in Las Vegas in November, after the year-one F1 race, the four-story paddock building will be available for buyouts and will also offer daily ride-along experiences that will be available for groups. And, of course, the MSG Sphere officially announced that it will open in September, ahead of schedule, with a U2 residency. It’s going to be the most technologically advanced venue as far as lighting, sound, feel, and even scent, and it will be available for buyouts and next-level sponsorships inside and outside. There’s no ceiling to what you can do when you’re doing events in Las Vegas.  Allegiant Stadium As the trade show and convention business returns to the pre-pandemic levels, what shifts are you noticing and how do you think they will impact the industry going forward? Our trade show organizers are very focused on driving customer experience. Most of our organizers are reporting stronger exhibitor numbers and increased numbers of new exhibitors, with trade shows proving to be almost or above 2019 levels. Now our organizers are really doubling down on driving attendance and focusing on the data to provide that individualized, customized experience to help attendees meet their goals and get the best value. Some companies continue to be cautiously optimistic with their organizational spend when it comes to sending attendees, but I think it will continue to improve. As the U.S. Travel Association makes more progress on the U.S. visa situation, we also expect a growing influx of international attendees. What are some innovative ways the LVCVA helps trade show and convention organizers deliver the most value for their events? We focus on customer experience in the same way that trade show organizers are thinking about it. We got rave reviews with the West Hall Expansion of the Las Vegas Convention Center (LVCC), so over the next two years, we will be renovating the North and the Central halls, which will include not just the same look and feel, but also the digital experiences that can be leveraged for branding and sponsorship opportunities.  Vegas Loop, the underground transportation system designed by The Boring Company, is also a way we have enhanced the customer experience. Vegas Loop at the LVCC has transported more than 900,000 convention attendees across the campus since its 2021 launch. Last summer, Resorts World and The Boring Company opened the first resort stop at the Resorts World Las Vegas , with plans to expand throughout the resort corridor, including downtown Las Vegas, Allegiant Stadium and Harry Reid International Airport. The LVCVA also purchased the Las Vegas Monorail in 2020, the 3.9-mile-long elevated transportation system that connects eight resorts directly to the convention center campus. This is the only rail system in the world that integrates fares directly into show badges and registration. For trade show organizers, these transportation options mean saving time, money and effort when it comes to moving groups from the hotels to LVCC and around the city. Also, the more we can focus on building the infrastructure around the convention center, the more it supports the customer experience and ultimately supports our trade show organizers. Scheduled to debut in Q4, Fontainebleau Las Vegas will offer 3,700 hotel rooms and 550,000 square feet of meeting and convention space next to LVCC.  What are some of the plans for advancing DEI (diversity, equity and inclusion) within your organization? We’re currently partnering with instead of working with a leading consulting firm, to lay the foundation and create a solid DEI plan and be the leader when it comes to DEI initiatives. The heart of that journey with the consulting firm is also talking to our customers about their strategic approaches to DEI and driving innovation in this space.  What are your favorite ways to recharge? My husband and I have an RV and we’re outdoorsy people. So, while we have over 150,000 world-class hotel rooms and renowned restaurants right outside our doorstep, one of my favorite things to do is get out to Red Rock Canyon, the Valley of Fire, and Lake Mead. Five of the top national parks are within a three-hour drive from Las Vegas, so there’s a lot you can do. We love balancing the energy of Las Vegas with nature, and we’re noticing that a lot of attendees add activities off the Strip when they come here.  Valley of Fire What advice would you give to women following leadership paths in destination marketing? I think it’s about being laser-focused on what you want to accomplish; building a team around you that lifts you and helps you achieve your goals; and being humble and realizing that you do it as a group. No one gets this done alone. Thankfully, there are a lot of women in leadership in this organization, in our customers’ organizations, and in this city that we can be really proud of. We’re a formidable force that is making things happen.   This interview has been edited and condensed. This article is exclusively sponsored by the Las Vegas Convention & Visitors Authority. For more information, visit HERE.