Revenue per delegate reached an all-time high in Q3 2024, according the latest research from The Business of Events (TBOE), in association with Venue Performance.
The Events Economy Tracker for Q3 2024 analysed data from a sample
of 350 venues from across the UK, details comparative booking trends, revenue
per delegate, booking lead times, and delegate numbers.
For Q3 2024, revenue per delegate, which
includes venue hire charges, F&B, and other expenses such as AV hire,
reached an all-time high of £150.01. This marks a significant increase from Q1
2024’s £114.30 and indicates what is likely to be a strong end to the year,
reflecting improved market conditions.
Lead times for event bookings averaged 87.26
days in Q3 2024, an increase from 78 days in Q1 2024. Booking space further in
advance for 2025 may have been a result of cautiousness in the face of an
upcoming autumn budget and uncertainty in the UK economic landscape.
The average delegate attendance in Q3 2024 was
57.59, up from 51 in Q1 2024. This increase suggests a continued recovery in
attendance numbers, although businesses remain cautious due to economic factors
such as interest rates, inflation, and what was anticipated tax rises in the autumn budget.
Peter Heath, managing director of Venue
Performance, which supplies the quarterly data to TBOE, said: “Sales and events
are steady for July – August and show resilience in the sector. 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, a partner of TBOE, said: “Events have been resilient in the early
part of the year, and we’re now seeing the handbrake come off and confidence
soar. 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 and signals a strong end to the year.”
To download a copy of the Events Economy Tracker
Q3 2024, visit The Business of Events online research hub.
