Meetings Recovery Forecast
The hospitality industry’s first meetings activity forecast
The Meetings Recovery Forecast (MRF) and the Top 25 U.S. Meetings Recovery Forecast (MRF25) projects industry recovery patterns for the U.S. and the top markets in the U.S from 2022 to 2024. The forecast leverages 15+ years of meetings and events data in Knowland’s extensive database to analyze key trends and predict changes in demand growth in the industry.
Use the MRF25 to research top markets and drill into the details of the expected timing of the percent of meetings recovered compared to the 2019 event baseline. Leverage these granular insights to inform operational and staffing decisions so you can manage changes in demand cost-efficiently.
U.S. and Top 25 Markets Meetings Recovery Forecast | Q2 2022 Update
Updated July 20, 2022
Q2 2022 performance fuels adjusted forecast to reach full market recovery in 2023
Instructions: Use the box in the upper left to toggle between the U.S. and the Top U.S. markets views, then click the drop-down box to change the active market by clicking the radial button for the view you want. Click the arrows in the bottom right corner to expand the interactive chart to full screen.
July 20, 2022 Commentary:
- U.S. Markets Recovery Forecast update
- Since the forecast in April, the outlook for the U.S. has been raised from 58.3 percent recovery by the end of 2022 to 72.1 percent recovery.
- Meeting levels will recover to 106.3 percent of 2019 levels in 2023 and 115.7 percent in 2024.
- Top 25 Markets Recovery Forecast update
- 2022: Phoenix, Dallas, Tampa, and Nashville will be 100 percent recovered.
- 2023: Anaheim, Denver, Miami, San Diego, Washington DC, Atlanta, and New Orleans. will achieve 100 percent or greater recovery.
- 2024: 23 of the 25 markets will achieve 100 percent or greater recovery by 2024. Philadelphia and Detroit will achieve 90 or better percent recovery during 2024.
- Read the latest press release with full details here.
Each month of the second quarter realized significant growth. With the exception of a few markets, growth exceeded predictions resulting in a shift in the MRF. Even with ongoing concerns about the economy and COVID variants, the industry is rebounding in an unprecedented way. In Q1, U.S meetings and events volume was flat with the forecast while Q2 overperformed by 25.8 percent more actualized meetings and events. Corporate events are leading the charge in this recovery with several markets already recovered at more than 90 percent of 2019 levels in this segment.
Kristi White, chief product officer, Knowland.
About the MRF and associated MRF25:
The MRF demonstrates projected industry recovery patterns and is based on Knowland’s proprietary data and regression models leveraging almost 20 million global events over the last 15 years. The MRF25 was added in February 2022 to provide the capability to search industry recovery patterns for the Top 25 U.S. Markets. The forecast uses a natural recovery model, assuming historic seasonal patterns without major market disruption, to index the recapture of meeting activity compared to baseline levels from 2019. By comparing past data to evolving data trends, hoteliers can better understand market-relevant changes–and their implications–as individual markets move into 2022 and beyond.
Knowland updates the MRF/MRF25 on a quarterly basis. Check back here for the latest activity.
Note: Insights presented are a result of the analysis of meetings and events data acquired through Knowland data collection and aggregation methods, including field reporting and automated methods of customer and non-customer data collection in primary, secondary, and tertiary markets, as well as its large historical database.