Lime Venue Portfolio is predicting continued growth in the meetings and events market following release of its latest Q1 trends data. The information, which is taken from across the portfolio’s 80+ venues, shows quarter on quarter growth for the last two periods and predictions for further growth in the second half of 2023.
The brand, which supports over 200 enquiries a week across its portfolio, saw a 15% growth in the value of those event enquiries in the last quarter (January – March 2023) compared to the previous. The last time the brand achieved this level of activity was in 2018, leading Lime Venue Portfolio to conclude that the industry is, without doubt, operating back at pre-pandemic levels.
The data also shows equally positive numbers around the growth in size and stature of these events. Previously, reporting has shown average delegation sizes of 120, whilst the recent average of these enquiries is now 170. Jo Austin, Sales Director, Lime Venue Portfolio, commented: “The key trend isn’t around volume but value. The rise in delegate numbers should be seen as absolutely positive. Not only does it indicate a readiness of delegates to come to meetings, and be there face-to-face, it also shows an increased investment from businesses and brands in event marketing.”
Jo continues, “However, not only are we seeing a higher value on our events, but businesses want to do more of them. This is in contrast to much of the caution that many had as we entered 2023. The fear was that 2022 had cleared a major bottle neck and all the events that had been queuing over the pandemic had finally arrived at the same time, only to dry up again in 2023. It’s not too far-fetched to conclude that the quality of those events has given business more confidence. This year’s growth could also be seen as repeat bookings from a more confident customer.”
Another trend that is showing no signs of slowing is the continued reduction in lead times, despite the growth in the average size of event. Of the £15m enquiries, 47% were in the same quarter and 28% where for the following one. Jo added, “The reduction in lead times, whilst putting pressure on organisers, does indicate a more dynamic industry. It means suppliers can remain flexible with the way we deal with enquiries, as well as more accurate in our pricing. It’s something we know our customers appreciate and at Lime Venue Portfolio we’re focused on making the process as easy and fast for customers across the industry.”
“All in all, these are great figures for the industry and ones that should give us confidence to invest in our product and our relationships,” concluded Jo.