The average number of events per venue increased by 28% in March 2024, significantly contrasting with the 52% increase in 2023.
Down went the average number of bookings (sales) per venue by 11% (this went up in 2023 by 6.5%).
- Events up – good news
- Bookings down – not so good news.
Insights from the economic landscape suggest that rising living costs exert significant pressure, affecting corporate budgets. Moreover, there’s a prevailing sense of financial uncertainty, which we’ll delve into later, potentially contributing to the cautious approach towards commitments, such as bookings, in March.
We remain optimistic about the M&E industry in 2024, anticipating overall growth. However, we acknowledge that there will be both prosperous and challenging months. Anecdotally, we’ve heard tales of exceptional and difficult months co-occurring, indicating a significant level of uncertainty in the market, particularly following the double-digit growth of 2023. Yet, this also underscores the industry’s resilience in adversity.
There are also signs that the economy may emerge from the recent turbulent inflation and interest rate challenges. The clever economy folk (we’ve got one) forecast that the second half of 2024 will see lower interest rates, lower inflation, and a return to some steadiness. That will free up investment and spending. Again, 2024 will see growth, just not double-digit growth.
It looks pretty good out there, folks. But cautiously good.
Venue Performance has been out and about a lot recently, and we are sharing our data with beam, The Business of Events, EP, Boutique Hotelier, HOSPA, and many more groups, helping everyone make sense of market dynamics and forecasting.
If you think we can help you and your business, please do reach out and book a session with me using one of the links below. I’d be delighted to show you the data and evidence of the market trends, including pace, price, segmentation and many more reports designed to help you make better decisions.
