The Second City was number one when it comes to meetings and events. Chicago posted the highest volume in November, according to Knowland’s latest monthly study. Meetings and events held in Chicago increased by 8.6% YOY, the said.
Washington, D.C., and Phoenix were also top performers, with double-digit growth at 13.5% and 10.7%, respectively. Overall, the volume of U.S. meetings and events saw a modest increase of 5.6%. This was expected due to the Thanksgiving holiday.
In November, Chicago led in conventions and meetings volume, with the National Association and educational emerging as the leading industry drivers, Knowland said.
The average attendance in Chicago was 106, while the average meeting space used was 2,642 square feet.
- In terms of YOY comparison, event volume in November improved 5.6% from November 2022.
- The top five markets (by event volume) were Chicago, Washington D.C., Phoenix, Dallas and Orlando. Here are the top drivers for all these markets:
- Chicago: National Association, education, wedding, healthcare and technology.
- Washington D.C.: National Association, education, charity/non-profit, technology and travel.
- Phoenix: National Association, wedding, technology, charity/non-profit and financial/banking.
- Dallas: Healthcare, technology, National Associations, training/education and transportation.
- Orlando: National Association, technology, insurance, education and training/education.
- The top markets outside the top 25 in terms of percentage growth were – Colorado Springs, Colo.; Memphis, Tenn.; Lexington, Ky.; Sacramento, Calif.; and Maui Island, Hawaii. These markets saw the top overall U.S. markets by YOY growth in meetings and events.
Meeting planners have been opting for locations that have a strong leisure appeal, such as Oahu or Las Vegas, CoStar said in its latest real estate data update for the U.S. This is to ensure attendees get access to activities outside of the hotel’s conference areas.
Corporate transient demand is being replaced by team building, the CoStar study said. Getting coworkers together in person somewhere outside their office has become a significant strategy to drive team cohesion.
Markets with easy air access, like Atlanta and Dallas, have considerable demand growth relative to 2019, as quick overnight meetings are becoming increasingly common.
Knowland’s information, which was sourced from its sales intelligence platform, is designed to help hoteliers protect their revenue base. The data about the leading industry drivers offers a clear picture of those groups returning to the meeting and event space.
Insights are a result of the analysis of meetings and events data acquired through Knowland’s data collection and aggregation methods, which include field reporting and automated methods of customer and non-customer data collection in primary, secondary and tertiary markets and its extensive historical database.