EIC’s Global Business Events Barometer Shows Promising Increases for the Industry
January 5, 2022
The newly launched Global Business Events Barometer from the Events Industry Council (EIC) has found a significant upswing in global group demand during Q3 2021, while overall, business meetings and events activity has recovered to approximately half of pre-pandemic levels.
The barometer, which was created by Oxford Economics on behalf of EIC as part of the 2021 EIC Economic Significance Study, monitors the changes within the market relative to pre-pandemic (2019) levels and explores two key areas: hotel group room nights and request for proposal (RFP) activity.
The barometer indicates that during Q3 2021, RFP activity rose 124.4%, and hotel group room nights increased 68.8% compared to the same period in 2020. Additionally, 57% of companies reported conducting domestic business travel, more than twice as 2020, while international travel is also improving, with one in five companies continuing or resuming international travel, three times as many as a year ago.
With the results showing that meetings and events are now on the upswing, RFP activity has recovered to 50% of Q3 2019 levels, and hotel group room nights recovered to 53% of Q3 2019 levels.
The strongest RFP activity was reported in the Caribbean, Latin America, the Middle East and North America. The strongest hotel group room demand was reported in Asia Pacific, the Middle East and North America.
Meanwhile, RFP activity for smaller events and those taking place within one year is showing stronger recovery over larger and more complex events with lead times of more than one year.
“The latest data show that business events, which collapsed during the early stages of the pandemic, are substantially resuming, said Adam Sacks, managing director of Oxford Economics. “Global activity is still far short of pre-pandemic levels, but this first leg of recovery underscores the importance of business meetings and events to individual and corporate performance.”
Amy Calvert, CEO of EIC, is encouraged by the global business events sector’s continuous signs of growth, calling the results of the barometer a sign of strong demand for the return of face-to-face events over virtual and hybrid options.
“As an industry, we have made fantastic progress in our recovery,” Calvert said.
She added that as the industry moves into 2022, it faces the inevitable ebb and flow caused by emerging COVID-19 variants such as omicron and must continue to use scientific data to help make the necessary decisions and implement the appropriate measures to continue the industry’s recovery.
“While we focus on building trust and confidence, we have remarkable examples from across the globe of business events not only happening safely but offering tremendous value and impact,” she said.
The Global Business Events Barometer was created by Oxford Economics using data provided by Amadeus' MeetingBroker distribution platform, Cvent, the Global Business Travel Association and STR Global.
The report has also been generously supported and sponsored by several leading organizations, including AHLA, ASAE, Freeman, IACC, IAEE, Los Angeles Tourism and Convention Board, Maritz Global Events, Meetings Mean Business, MGM Resorts International, MPI, Northstar Meetings Group, NYC and Co, PCMA, RCMA, SISO and USTA.
A copy of the Global Business Events Barometer can be downloaded here.
Partner Voices
HERE, hosting responsible meetings and caring for our communities are top priorities. Through its 'Focused on What Matters: Embracing Humanity and Protecting the Planet' philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make an impact in the lives of employees, guests, and the communities in which it operates.
Water Stewardship Efforts
MGM Resorts understands the importance of using water efficiently, especially in the desert destination of Las Vegas. Conserving water has always been part of the mission, but MGM Resorts has expanded its ambition into water stewardship.
In 2022, MGM Resorts President and CEO Bill Hornbuckle signed the CEO Water Mandate—a UN Global Compact initiative mobilizing business leaders to advance water stewardship. MGM Resorts International was the first gaming company to take this important step.
MGM Resorts replaced 200,000 square feet of real grass with drought-tolerant landscaping in Las Vegas.
MGM Resorts pledges to reduce water withdrawal intensity by 33% by 2025 and by 35% by 2030.
From 2007-2021, use of more than 5.6 billion gallons of water was avoided because of conservation efforts.
Caring for One Another
MGM Resorts’ Food Donations Program collects and preserves unserved food from conventions held at MGM Resorts properties, then safely donates to food insecure people in the community. Since the program’s launch in 2016, more than 3.7 million meals toward a 2025 goal of 5 million meals have been donated into the community. Donations include:
Unserved perishable prepared foods from events
Perishable unprepared food from MGM Resorts’ kitchens
Nonperishable food items from minibars and warehouses
The collaboration with Southern Nevada’s primary food bank, Three Square, has developed the infrastructure needed to safely collect, transport, and store food from MGM Resorts properties in Las Vegas, reducing food waste while serving the community.
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To MGM Resorts, a diverse and talented workforce is essential to success. By cultivating innovative strategies that consider multiple perspectives and viewpoints, the company creates an inclusive workplace culture that benefits its employees and community. MGM Resorts takes pride in being a welcoming home for veterans, individuals with disabilities, people from diverse backgrounds, LGBTQ+ community members, and more. This commitment to inclusion is reflected in the company's recruitment and hiring practices and its social responsibility initiatives. From the workplace to the community, MGM Resorts' commitment to diversity, equity and inclusion remains unwavering, and its efforts continue to create a more equitable and sustainable world for all.
MGM Resorts understands its responsibility to contribute to the social and economic progress of the communities in which it operates. HERE, we embrace humanity.
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