The industry’s post-Covid recovery did not gather momentum in 2023, but
rather witnessed a somewhat mixed performance, according to the latest UK Conference and Meeting Survey (UKCAMS).
Now in its 31st year, the survey found that while some venues were doing really well, others were finding the market more
challenging and not experiencing a continuous upward trajectory in business.
Rail strikes, a challenging UK economic climate, and continuing post-Covid
changes were among a number of factors impacting overall market performance.
UKCAMS shows that in 2023 there were an estimated 964,000 conferences and
meetings in the UK, representing a substantial recovery from 2020 and 2021 (0.2
million and 0.44 million events respectively), but slightly below the 2022
figure of 1.02 million.
Such events generated an estimated £14.4
billion of direct expenditure in venues and the wider destination, compared
with an estimated £16.3 billion in 2022.
Capital investment by conference venues in
their facilities increased to record levels: approximately three-quarters of
venues invested in their facilities in 2023, spending an average of £244,000
each, and a fifth of venues invested over £500,000, higher than both 2022 and
2019 levels. Venue managers are demonstrating a genuine optimism and positivity
in the sector as they look towards the future.
Other key findings
from the 2024 UKCAMS research include:
·
The average daily delegate rate achieved by venues for
conferences and meetings in 2023 was £46 (inc. VAT). The average 24 hour /
residential rate was £158.
·
The corporate sector accounted for over half of events (55 per cent compared to 46 per cent in 2019). The next most significant group was government and
the public sector (27 per cent). Associations accounted for 17 per cent of the market.
·
Just under a third (29 per cent) of events in 2023 were organised by a
professional conference organiser (PCO) or event management agency.
·
The key international market (in terms of enquiries) was the USA.
Germany, France, and China were also important.
·
Half (51 per cent) of venues were not developing anything to meet trends
in AI. Areas that venues were developing included using AI to respond to
client enquiries (18 per cent) and offering live availability of event space and
instant booking on their website and through third parties (16 per cent).
Findings of the UKCAMS research are widely used to:
·
Demonstrate the volume of the UK conference and meetings sector
and its value to individual venues and to the national economy
·
Highlight key trends from a venue or supply-side perspective
·
Ensure continuing support and investment for the industry at
national, regional and local levels.
The 2024 UKCAMS research was sponsored by VisitBritain and carried out by
Richard Smith of RJS Associates and by Tony Rogers.
Tony Rogers, on behalf of the UKCAMS
research team, commented: “The UKCAMS research has consistently
demonstrated the scale and importance of the conference and meetings industry
to the national economy. The 2024 UKCAMS research programme confirms that the
industry still faces certain challenges post-Covid but is also confident in its
ability to invest and to deliver business, research and educational benefits
for its participants, both now and in the future.”
Copies of the full UKCAMS 2024 report are available at http://www.ukcams.org.uk.
