The Events Economy Tracker for quarter three took in data from 350 venues in the UK and showed a significantly increased revenue per delegate compared to the first quarter of the year.
Revenue per delegate includes venue hire charges, catering, production costs and rose from £114.30 in Q1 to £150.01 in Q3.
According to the managing director of Venue Performance, Peter Heath, who is quoted in the report, the revenue rise is the result of event demand.
“Demand for events continues to drive revenue per delegate upwards.”
Delegates per event are up by an average of more than six, rising from 51 in Q1 to 57.59 in Q3.
Lead times are also up significantly, rising to 87.26 days in Q3, up from 78 days in Q1.
“Sales and events are steady for July – August and show resilience in the sector,” said Heath.
“Looking further out from the beginning of ‘24 and even further out from ’23, the general trend is up, signaling a positive end to the year.”
Natalia Hartmann, product marketing manager at IBTM World, which is a partner of The Business of Events, echoed Heath’s sentiments around the resilience of the industry.
“Events have been resilient in the early part of the year, and we’re now seeing the hand-brake come off and confidence soar,” she said.
“Smaller events are a trend that will continue into 2025, but it is likely to mean more of them with more focused agendas.
“That’s good for the business of venues.”
