Meetings volume is expected to gradually recover over the next three years, according to Knowland, which provides meetings and events data insights to the hospitality industry. Knowland has just launched its first U.S. Meetings Recovery Forecast, which will be available for free and updated quarterly.
According to the new forecast, which predicts when meeting volumes will return to 2019 levels, about 28 percent of 2019's yearly volume will be recovered by the end of 2021. The forecast calls for a 58.3 percent recovery by the end of 2022, followed by an 86.9 percent recovery by the end of 2023. By August 2023, Knowland projects that 2019 volumes could be achieved during certain months. The forecast calls for the 2019 baseline to be exceeded in 2024, and for the year to end at 109.8 percent of the prepandemic volume.
Knowland's forecast is based on proprietary data and regression models that leverage the company's database of nearly 20 million global events over the past 15 years. The model assumes historical seasonal patterns without major market disruptions — such as another highly contagious Covid variant — and aims to provide hotel clients a solid foundation on which to base revenue and staffing forecasts.
"This is incredibly helpful for hotels on the regional, local and even property levels," said Knowland CEO Jeff Bzdawka. "They need to know how to service what's coming."
As staffing issues are paramount concerns for many properties, Knowland's forecast is designed to provide insight into operational decisions, and inform staffing for everything from front desk and housekeeping teams, to sales and on-site event and F&B managers.
See "Meetings Industry Forecast 2022" for a broader overview of expectations for the coming year, featuring Knowland's projections as well as others from the meetings, hospitality and exhibitions communities.