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In all of our London conference venues we are experiencing extremely high demand, in June we logged 1264 separate event enquiries, an all-time record. This seems to be a trend seen across the sector:
Just before the general election in July, the industry association the MIA (Meetings Industry Association) released their regular outlooks report (based on a survey of 185 event organisers in June 2024). Venues across the UK reported growing enquiry volumes, perhaps best expressed in lead times becoming ever more extended. The average lead time has increased by 5 weeks since February 2024 to 16 weeks.
“Central Hall Westminster is experiencing similar growth in lead time, with our average lead time spanning 21 weeks. Clients are planning and booking events further in advance than before, particularly those from corporate and association sectors, demonstrating a significant return in confidence for long lead bookings. Additionally, large charity events also show a strong commitment, contributing to the overall increase in bookings. This trend suggests a positive outlook for our flagship venue, with significant engagement from key sectors. “We are also seeing growing interest from overseas events and winning satellite social events linked to larger event programmes for London. “We are finding buyers are committed to utilising their budgets and seeking sustainable venues that provide memorable and engaging experiences whilst being willing to spend a premium in return for high-quality service standards.” Rhiannon Thomas Head of Sales, Central Hall Westminster.
The change in government resulting from the Conservatives being ousted in the general election last week is likely to accelerate this growth. Our industry thrives on change, as change gives events a topic. The political paralysis over recent times has led to paralysis in our industry. A new energised reformist government will give all sectors huge amounts to think and talk about, and this will generate many more conferences and events.
An article in the Financial Times on the 9th July 24 further evidences this increase in demand. The report that dealmaking in the hotel sector is a 10 year high. They quote research from Savills:
“The value of deals in the sector reached an estimated £3.08bn in the six months to June, an increase of 35% compared to the whole of 2023”
The value of deals in the sector reached an estimated £3.08bn in the six months to June, an increase of 35 per cent compared with the whole of 2023, the real estate group said.
As we mentioned here at Cavendish Venues, we are experiencing record levels of demand, particularly for larger events. In response we are delighted to announce that we are opening a new venue, the Minster Building in the City of London this summer, with maximum capacity of 350 pax and 24 large exhibition stands.
If you would like any further information about Cavendish Venues, please do get in touch either by email to enquiries@cavendishvenues.com or 0207 706 7700. Thank You.
