2023 Q3 Global Events Barometer

The Events Industry Council Global Business Events Barometer has shown sustained improvement in 2023 compared to the prior year, demonstrating the ongoing recovery for business events is intact.

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The hotel group room nights index increased to 100, representing stays during the quarter equivalent to 2019 levels. The RFP activity index represents requests for proposals (RFPs) sent by event planners during the quarter for future events, was at 89% of 2019 levels due to relative weakness in Europe and Asia Pacific.

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• The recovery in global hotel group room nights was driven by continued strength in Asia Pacific, as North America and Western Europe neared full recovery.
• RFP activity for large and medium events fell to 101% of 2019 levels, while small events declined to 87% of 2019 levels.
• The latest global economic outlook anticipates 2024 will be characterised by weaker economic activity, with a slowdown early in the year followed by tepid growth. Such conditions will keep business leaders cautious.
• The top perceived downside risk to businesses in the near term is geopolitical tensions, such as those related to the Middle East, China- Taiwan, and Russia-NATO. More than a quarter of businesses now cite the risk that sticky inflation keeps interest rates higher for longer.

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The Global Business Events Barometer provides key data points tracking the full scope of the recovery. Hotel group room nights provide a measure of guest stays that occurred during 2023 Q3 and which were booked as part of a group (e.g., as part of a room block).

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Traditionally, many of these room nights relate to business events. RFP activity represents requests for proposals released by business professionals during 2023 Q3 seeking venues and accommodation for future events.