London Olympics boosts confidence in conference and events market
The £17.4m conference and events business booked in London during the London 2012 Olympic and Paralympic Games has inspired long-term market confidence.
That's the finding of a new London-centric meeting and events survey, the 2012 London Venues Business Report, released today.
The report, commissioned by the Westminster Collection (TWC), Unique Venues of London (UVL) and the Conference Bench, collates results from 100 venues, tourist attractions and hotels across the capital.
It found that 87% of venues feel positive about the long-term impact the Olympic Games will have on the conference and meetings market in 2013 and beyond, while just over half (51%) believe that the games will improve their 2012 full-year forecast. Nearly half of these venues anticipate revenue increases of up to 30%.
Other findings include:
â- The average day delegate rate (DDR) achieved by London venues in 2011 was £52.31, with 67% of venues reporting their individual highest achieved DDRs were £80 or more.
â- 41% of venues report large events are being booked on average three months or less in advance of the event date. The overall survey average revealed a lead time of five months
â- Core revenue streams saw significant growth in 2011, with half of all venues reporting increases of up to and beyond 40%.
â- More than half (55%) of venues saw their room hire revenue increase in 2011, compared with the previous year - a trend that continued into the first quarter of 2012, with 58% of venues reporting room hire revenue growth of up to 40% compared with the same period last year
â- 93% of venues successfully used "value add" as a business conversion technique in 2011.
The 2012 London Venues Business Report is available for purchase, priced £95. Please contact sophie@custardcommunications.com to order your copy.
By Janie Manzoori-Stamford
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