MEETING VOLUME IN U . S . IN Q4 2022 exceeds Knowland forecast
By HOTELS EDITORS
I s the meetings business back to full strength ? According to meeting and event data company Knowland , it ’ s getting there .
Meetings and events for hospitality in the U . S . ended 2022 on a high note , with the fourth quarter outperforming the Knowland forecast by 8.4 %, according to a quarterly update to Knowland ' s U . S . Meetings Recovery Forecast and associated Top 25 U . S . Meetings Recovery Forecast .
2023 is expected to see a 10 % organic growth compared to 2019 .
According to Knowland , the strong performance in the quarter was fueled by top-market growth . Further , November and December outperformed their 2019 counterparts . This is the first time this has happened since the pandemic began , according to Knowland .
Details of the breakdown of the U . S . include :
➊ 2022 exceeded in the fourth quarter , increasing the year-end capture to 77.8 % from the October 2022 forecast of recovery of 73.1 %. Updated 2023 and 2024 forecasts , compared to 2019 , are as follows : E 2023 Recovery Forecast —
110.2 % ( 106.4 % in October prediction ) E 2024 Recovery Forecast —
133.3 % ( 129.2 % in October prediction )
➋ Top 25 markets forecast update : Four markets — Dallas , Phoenix , Nashville and Tampa — ended 2022 with a full recovery to 2019 levels . Twelve markets exceeded the October forecast — Anaheim , Denver , Detroit , Houston , Los Angeles , Minneapolis , New Orleans , Oahu Island , Orlando , San Diego , Seattle , and St . Louis .
E Recovery by year end : A total of 13 markets will see full recovery — Anaheim , Atlanta , Denver , Houston , Miami , Minneapolis , New Orleans , Oahu Island , Orlando , San Diego , San Francisco , Seattle , and St . Louis . Boston , Los Angeles , Detroit and New York will end the year between 90 % and 100 %. The remaining four markets of Chicago , Las Vegas , Philadelphia and Washington , D . C . will be under 90 %.
E Back to normal in 2024 : All except Boston and Chicago will report steady growth .
92 hotelsmag . com Mar / Apr 2023