Conference sector average revenues up 14%, says report - Unlocking Growth in the Global Events Economy

A whitepaper from the Hospitality Professionals Association has revealed the conference and events sector’s average total revenue up 14%.

Combined analysis from De Vere Hotels, Hotstats, Venue Performance and HOSPA has shone a spotlight on the state of UK conferences and events, taking data from 2019 up until the first quarter of 2024 to paint a picture of performance.

The findings present optimism for the sector, with some aspects – conferencing and banqueting in particular – having seen pre-pandemic decline transform into positive growth.

The assessment has been presented in a whitepaper, key highlights include:

An average of 14% increase in revenues across the board.
Meetings, conferences and banqueting is performing strongly – but parties have dropped significantly.
Both in London and regionally, Conference & Banqueting revenue has transformed to positive growth.
RevPAR growth for De Vere Hotels is up 20% comparing 2023 versus 2022 – driven predominantly by meetings and events.

Commenting on the findings, Jane Pendlebury, CEO of HOSPA, said: “As we recently passed the four year anniversary of the start of the pandemic, in some respects it feels like a distant memory. But the effects on the hospitality industry were so profound, it left scars on the sector that will take longer to heal. Analysing conferences and events though has presented a refreshing and reassuring picture – which shows that recovery, in some instances, has been very positive. And while some aspects have returned to 2019 levels, others, specifically conference and banqueting have been reinvigorated and revitalised to the point they’ve surpassed previous performance. This is fantastic to see.”

She added: “As a sector, it’s important we take stock and look at areas of strength and weakness. And whilst parties have declined –impacted by economic factors as well as post-pandemic optics – the fact that other areas of hospitality have come to the fore in their place, just serves to underline the resilience of the hospitality industry. It’s something we should all be grateful for!”