Overall meeting volume growth was flat for the industry at a 1.3 percent increase YoY. The average space used for meetings in the Top 25 markets was 3,768 sq. ft., and secondary markets were at 3,684 sq. ft. Average attendees also grew slightly to 133 in the Top 25, while secondary markets averaged 127 attendees.
Larger events and other business segment improvements promote stability
Knowland reported that the St. Louis, Mo.-Ill. market led the top 25 markets in March for meetings and events growth with 24.3 percent year-over-year growth.
National Associations and Technology groups lead in four out of five markets
Knowland’s recent meeting planner survey revealed that groups are more likely to relocate events to alternative markets than move down in chain scale to reduce costs. This indicates an opportunity for non-hotel venues to compete more strategically for group business.
Lexington leads secondary markets, while Nashville heads the Top 25
Planners are optimistic about 2024, with almost half expecting to book more meetings than in 2023. But the pressure is on to deliver high-quality events and game-changing attendee experiences while staying within budget.
Group business up across key metrics in 4Q2023, providing stability for hotels going into 2024
Pharmaceutical and Charity/Non-Profit industries lead in four out of the five top markets
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