Venues & Events
2012 London Venues Business Report reveals event industry optimism for Olympic Games legacy
- Category: Venues & Events
- Created on Friday, 20 July 2012 12:04
The report, commissioned by The Westminster Collection (TWC), Unique Venues of London (UVL) and The Conference Bench, brings together results from 100 prestigious venues, iconic tourist attractions and renowned hotels across the capital.
Featuring a special focus on the London 2012 Olympic and Paralympic Games, it reveals that £17.42 million worth of contractual bookings during Games time has inspired event industry optimism in the long-term impact of the Olympic Games on the conference and meetings market. The report also includes findings on events revenue, bookings and buyer behaviour.
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.
A joint statement issued by representatives from The Westminster Collection, Unique Venues of London and The Conference Bench reads: “Traditionally TWC, UVL and The Conference Bench carry out their own individual annual surveys, but we felt that this year pooling our efforts would create a new-style report with much more comprehensive data. The London Venues Business Report provides in-depth information from a whole range of London event spaces, including one of the most comprehensive reviews of London’s Olympic Games business yet to be released. We hope to replicate the survey in future years and make the London Venues Business Report a must-read industry survey”.
The 2012 London Venues Business Report is available for purchase, priced £95.