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It’s all about the swing.

Can we see a swing beginning to happen?  

We’re not sounding the alarm bells yet, but if I were a pollster, I would be paying close attention.  

The swing I’m referring to is intent, and we first signalled this ‘cooling’ of intent back in the spring. And it’s reared its head again in October’s data: Based on September’s data, October’s bookings dropped 16%.  

And when one looks at YOY data, that’s a 29% swing because last year, Oct v Sept, there was a 13% increase.

13% rise compared to a 16% fall. That’s a big swing, and it could signal one of 2 things:

1. At best, the market is still very jittery.
2. At worst, it signals a slowdown.

Either way, having access to the data and, more importantly, your competitive data set will serve you well in 2024 and beyond. The data will provide you with the (independent) evidence needed to prevent you from being strong-armed into targets you strongly suspect are unattainable.  

Looking at the broader picture and using data from our friends at Hotstats, we can see another ‘challenge’ looming. The F&B challenge.  

F&B revenue is falling within hotels, putting a significant strain on profits, which is Hotstats’ benchmarking forte – measuring Profit. I’ve said before, and I’ll repeat it: Turnover is vanity, Profit is sanity, and it appears that after the tremendous post-pandemic return, hoteliers and operators now have eyes firmly on Profit, with F&B standing out like a sore thumb.  

So, with these 2 dynamics combined, there is a new focus on M&E. Another friend of VP, Thomas Finn, is seeing a significant change in the M&E sector when it comes to recruiting talent to address this issue.  

Has the industry finally woken up to the fact that M&E is a big deal and can drive revenue and, more importantly, Profit?

M&E doesn’t just fill beds. If managed well, it can deliver profit. Good profit.

I have heard many hoteliers and M&E venue owners say that the last piece of the data jigsaw puzzle is M&E.  

So, tomorrow’s Monthly M&E Analysis, the last one of the year, will focus on the changing dynamic of the M&E market and how it can drive positive change. We’ll be joined by Thomas Finn of Edwards and Finn (he’s doing big stuff in M&E) and Martin Fullard of Business of Events.  

Please join us tomorrow at 12 as we take a more holistic look at the M&E market.

REGISTER HERE  

I will, of course, be looking at the data, and if you’d like a more detailed look relevant to your property, please let me know (email me here).  

Oh, and 1 last thing. If you are an M&E Hotel or Venue, PLEASE take our M&E benchmarking buyer survey. You could win a fab reMarkable paper tablet. It won’t take longer than 2 mins. Thank you 🙏 – SURVEY LINK HERE   
November 23 review (Linkedin) (1)
REGISTER for M&E Analysis  
Review of October and YTD ’23 + Taking a wider look at the M&E industry Thomas Finn – MD Edwards & Finn Martin Fullard – Director, The Business of Events
Buyer Survey - Linkedin (2)
M&E benchmarking, buyers survey.
CLICK HERE TO TAKE THE SURVEY Watch the data in our video ↓   Screenshot 2023-11-28 at 14.49.11
Bookings = Intent: Slowing? Want to know more?
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