Trends in the Business Events Economy

The latest Q1 Barometer report from the Events Industry Council

While we are now back to meeting in person, travelling to events across the globe and sharing our best practice and insights, we will continue to focus on building trust and confidence in our sector’s ability to create experiences that drive impact.

This is a long-term journey, but also an opportunity to adapt and innovate to create value and impact for the future of our sector. Findings from research partner, Oxford Economics, suggest that the second half of 2022 will see the global economy regain some momentum and indicate that global travel spending will recover to just 2.7% below 2019 levels in nominal terms.

The ongoing recovery in business events eased in 2022 Q1 in part due to the impact of the Omicron variant in key markets. Indications outline a slight step back in the recovery in both key components of the Events Industry Council Global Business Events Barometer, RFPs, and hotel group room nights. Entering 2022, the ebb and flow of public health concerns globally dampened business travel demand. And with the Russian invasion of Ukraine, coupled with anticipated inflation, continued supply chain challenges and monetary tightening have contributed to greater uncertainty and slower economic growth expectations.

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Ailynn Seah