Latest figures reflect continued prioritisation and strength of in-person events to drive business
According to Venuedirectory.com‘s latest reports, MICE sourcing volume through its platform is on track to exceed £332m of confirmed business in 2023 – about a 4% increase year-over-year, and a more than 17% increase over pre-pandemic levels. With more than 100,000 venues worldwide, Venuedirectory.com hosts the largest MICE booking and venue database in the UK, and the latest figures highlight the continued growth and confidence in the MICE sector.
Jason Gutteridge, director of Venuedirectory.com, commented: “We’re delighted to see that the MICE sector is continuing to prove its resilience and strength. The prioritisation of in-person events is a testament to the enduring value of face-to-face meetings and events, and we’re so proud to play a part in facilitating these important connections between venues and planners.”
The report also reveals request for proposal (RFP) response time trends, with 59% of all enquiries through Venuedirectory.com receiving responses within 2.5 hours. 38% of responses are addressed within the first hour, which is 9% lower than 2019. Response times are a critical metric for venues to track as recent industry reports show that 42% of planners across Europe expect a response within 48 hours, and hospitality professionals are increasingly leveraging technology to ensure timely responses, even in the face of continued staffing challenges.
In a dynamic shift towards small meetings, the report shows a remarkable expenditure exceeding £100 million dedicated to small meetings in 2023, with 65% of these small meetings lasting less than a day and 72% having fewer than 30 delegates.
Jason Gutteridge, further remarks on this trend, “As businesses prioritise efficiency and flexibility in their meeting programmes, the delicate balance between budget constraints and maximising employee and customer engagement becomes even more pronounced. This surge in small and simple meetings spend signals a strategic move by businesses to optimise resources and emphasises the importance of ‘simplexity’ – which is leveraging technology to turn complex projects or events into simple, repeatable processes – especially relevant given today’s dispersed workforce and fast-paced environment. In short, the simple meetings sector is emerging as a key driver of economic growth in the meetings and events industry.”
As a leader in the meetings and events industry, Venuedirectory.com regularly shares key trends and insights to shed light on the changing dynamics of corporate meetings and MICE business and empower organisations to deliver more impactful meetings and events.
