Global events industry near pre-pandemic levels: EIC

Global events industry association, the Events Industry Council (EIC), says that the industry has recovered smartly around the world and in terms of several parametres it is either close to or surpassed historic highs.

Releasing the Global Events Barometer for Q4 2024, EIC says that the numbers reflect positive momentum for the global business events industry throughout 2024 in almost every region around the world while acknowledging growing concern about the impacts of major policy shifts and a potential trade war.

The 2024 Q4 data reported by EIC’s research partner, Oxford Economics using data provided by Amadeus Hospitality, Cvent, and STR Global confirms that both the hotel group room nights and the RFP activity neared, and in some cases surpassed, 2019 pre-pandemic levels, signalling continued resilience for the global business events industry.

In Q4, the hotel group room nights index measured 96, which represents stays during the quarter equivalent to 96 pc of 2019 levels. This is a slight decline relative to Q3 2024, but an improvement relative to Q4 2023, when it was at 93. The RFP activity index, representing request for proposals (RFPs) sent by event planners during the quarter measured at 98 pc of 2019 levels, also slightly below Q3, but ahead of the prior year, which was only 86.

The Barometer also provides insights on the upswing in negative sentiment amidst shifting trade policies, travel concerns and an uncertain economic outlook.

“The latest Barometer sheds a light on our industry’s continued resilience, while also touching on our current reality and the renewed volatility brought by recent dramatic shifts in policy. We are all grappling with a wide swath of issues, uncertainty related to the economy, widespread tariffs, questions around international travel, ongoing conflicts and tension between rival countries, catastrophic weather events, and humanitarian crises,” says Amy Calvert, President & CEO, EIC.

Amy Calvert, Events Industry Council CEO.

“While uncertainty prevails, we are reminded to remain focused on building our own, as well as organisational, resiliency and agility,” Calvert adds.

EIC says that its quarterly Global Events Barometer addresses the need to monitor the progress over time and by key global regions and countries. EIC’s research partner, Oxford Economics, created the Barometer and uses data provided by Amadeus Hospitality, Cvent, the Global Business Travel Association and STR Global to monitor the changes within the market relative to pre-pandemic levels. The next Barometer, which will report on activity from 2025 Q1, is expected to show shifts in business events activity, says the organisation.

The report says that global room rates in RFP responses in 2024 Q4 averaged 119 pc of 2019 levels, indicating a recovery in hotel pricing for business events.

Activity in Western Europe showed solid improvement relative to a year earlier, with RFP activity showing particular gains during the past three quarters relative to a year earlier. North America has continued with RFP activity running well ahead of 2019 levels on a sustained basis.

Senthil Gopnath

EIC cautions that US trade policies risk a global trade war that would slow growth, raise uncertainty and negatively impact financial markets. Negative sentiment and travel concerns have reduced the outlook for international travel to the United States, representing a likely headwind to some business events.

“The business events industry’s resilience re-enforces its purpose as conduits for human connection and community building,” says Senthil Gopnath, 2025 EIC Board Chair and CEO of the International Congress and Convention Association (ICCA).

In 2025, EIC will begin work with Oxford Economics on the comprehensive 2026 Economic Significance of Business Events Study with a continued global focus on the direct, indirect and catalytic impacts of business events.

The Events Industry Risk Management Guidebook, created during the pandemic, serves as valuable resource during periods of uncertainty. The guide covers the full spectrum of risk management as applied to the events industry, including assessing the risks that may threaten attendees, the meeting or event itself, the organiser, or partner-suppliers, and applying the appropriate measures to manage the probability and consequences of such risks.

“As a sector we are learning to adapt to the evolving expectations of our constituencies, and the ongoing challenges to support and build our workforce. As a federation, in collaboration with other industry stakeholders and partners, we are united in our commitment to advancing our industry and supporting our workforce,” says Calvert.