According to the latest Events Economy Tracker from The Business of Events, UK meeting venues finished 2024 strongly despite a slowdown in event bookings and revenues per delegate.
The Q4 2024 report, which uses data provided by Venue Performance from a sample of 350 venues across the UK, found that revenues per delegate, which includes venue hire charges, F&B and other expenses such as AV hire, slowed to £140.72 in the final three months of last year. Although down on Q3 2024’s findings, it still marks a significant increase from the £114.30 reported in Q1 2024 and represents a strong year-end, reflecting improved market conditions.
The average number of confirmed events per venue also slowed in the final three months of last year, following an all-time high of 35 reached by September.
The Autumn budget and the uncertain geopolitical landscape may have contributed to this slowdown, although the number of confirmed events in November was equal to the same period in 2023.
Forward bookings were practically non-existent in December 2024, but again, they reached an all-time high in September. This shows that meetings and event programmes for 2025 were created much earlier in 2024 than previously.
Venue Performance Managing Director Peter Heath said: “The data for Q4 2024 should be seen in the context of the year as a whole. Forward bookings shot up before the General Election as planners rallied to lock in costs and get ahead of any economic uncertainty. September was the busiest period many events professionals have ever known so a pause for breath in Q4 was not unexpected.
“Demand for events has driven revenue per delegate figures skywards all year. With the surge of activity in September, the year has finished strongly, despite a slowdown towards the end.”
To download and read the Events Economy Tracker Q4 2024 from the leading Think Tank and Advocacy Network for the business events sector, visit The Business of Events.
