Meetings and events for hospitality in the United States 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. Furthermore, November and December outperformed their 2019 counterparts. This is the first time this has happened since the pandemic began.
Details of the breakdown of the U.S. as a whole:
- U.S. Markets Recovery Forecast update: 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:
- 2023 Recovery Forecast — 110.2% (106.4% in October prediction)
- 2024 Recovery Forecast — 133.3% (129.2% in October prediction)
- 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.
- 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%.
- Back to normal in 2024: All except Boston and Chicago will report steady growth.