The Meetings Industry Association (mia) – one of the fastest growing associations in the conference, meetings and events sector – will be offering its first post-Brexit insight to hoteliers attending this year’s Independent Hotel Show.
During the two-day trade show, which takes place at Olympia on Tuesday 18 and Wednesday 19 October, the mia will be sharing its latest quarterly results from Touchstone – its unique online research tool allowing hoteliers and corporate venues to identify market trends and customer preferences as well as benchmark their performance both nationally and regionally against their own competitor set.
On stand M7, the mia team will be illustrating how the Touchstone April to July report reveals a mixed performance in 2016 to date – compared to the same period last year. It shows an improving level of average DDR figures with April-July averaging above £44 – almost 15% up on the same period in 2015.
Comparisons of average 24-hour residential rates have also been positive in the last few months, averaging just over £150 in the April-July 2016 period. While increases in 24-hour residential rates have not been as strong as daily rates, they are typically up around 3-4% on the same period last year.
The type of venue continues to have a significant impact on both DDR and 24-hour residential rates. Hotels and Residential Conference Centres, for example, have both seen good increases in day and 24-hour rates, while Academic Venues have seen a decline when compared to last year.
On a less positive note, the survey indicates that while rates are generally holding up well, the average number of meetings per venue in 2016 is down by over 20% on 2015 levels. Similarly, the average number of enquiries data indicates a high level of seasonality with the peak periods in spring and early autumn. However, year-on-year comparisons in the April-July period show a fall of around 10% in 2016.
Jane Longhurst, chief executive of the mia, said: “Undoubtedly, the EU Referendum has created some uncertainty across many sectors of the economy, with several data releases in July indicating an initial downturn. However, early forecasts of a major downturn appear to have been overblown and more recent surveys have pointed to a recovery in confidence. Touchstone figures have reflected this fragile climate to some extent and it is hoped that the sector will see this recovery in confidence feeding through into higher demand for meetings and conferences going forward.”
The Independent Hotel Show is the UK’s leading forum bringing together the luxury, boutique and independent hotel sector. A must-attend event for independent hoteliers and industry professionals, the show presents a diverse collection of the UK’s most innovative suppliers together with expert insight from the seminar programme. Register to attend for free here.