UK industry think tank, The Business of Events (TBOE), in association with Venue Performance, has published its Events Economy Tracker for Q3 2024, which shows revenue per delegate rising fast. The tracker, which analyses 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.
According to the latest tracker data, 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, signalling 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 hand-break 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.”
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