The Westminster Collection, Unique Venues of London and The Conference Bench unveiled the key findings of the 2012 London Venue Report today, culminating in what is believed to be the largest entirely London-centric meetings survey in circulation to date.
If you weren’t one of the participating venues, do you share similar optimism about the impact the London 2012 Olympic Games have and will have on the London meetings and events market? Or are you an event booker with a great story to tell about your experiences with London venues this year? We’d love to hear from you. Email [email protected].
The key findings from the 2012 London Venues Business Report include:
- 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.
- 51% of venues believe that the Olympic Games will improve their 2012 full-year forecast, with nearly half of these venues anticipating revenue increases of up to 30%.
- Pre- and post-Olympic Games business is showing positive gains. 31 venues report increased revenue between May – July 2012 compared with the same period in 2011. 48 venues have reported increases in trade for September – December 2012.
- 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.
- 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
- Core revenue streams saw significant growth in 2011, with half of all venues reporting increases of up to and beyond 40%. 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
- 93% of venues successfully used ‘value add’ as a business conversion technique in 2011.
The full 2012 London Venues Business Report is available for purchase, priced £95. Please contact [email protected] to order your copy.