Our latest figures reveal a significant uptick in average meeting and event lead times from enquiry to arrival for quarter one of 2023 compared to quarter one of 2024.
Our data showcases a notable increase in lead times across various attendee brackets, illustrating a trend towards heightened preparation and strategic planning among meeting planners. The average lead time for all confirmed bookings surged from 105 days to 132 days, marking a considerable shift in the approach to event coordination and logistics.
Lengthened lead times
Our data highlights specific increments in lead times based on attendee numbers. Lead time for combined attendees jumped from 32 days to 86 days, signalling a more comprehensive approach to coordinating larger events. Similarly, for smaller groups of up to 10 delegates, clients extended the average lead time from 30 to 46 days.
However, we observed the most striking increases in larger-scale events, where lead times for events with 11 to 25 delegates increased from 31 days to 85 days, while events with over 25 delegates experienced a jump from 34 days to 104 days.
This trend reflects positively on the diligence of meeting planners and is significant for venue-finding agencies like veSpace. “We are encouraged by the significant shift towards longer lead times in event bookings,” commented Anita Lowe, our CEO. “The changes indicate a greater commitment to detail required and a recognition of the value that comprehensive planning brings to successful events.”
Opening up strategic negotiations
As planners allocate more time to valuable face-to-face experiences, the impact on venue finding agencies is twofold. It allows for more strategic negotiations and optimal resource utilisation and nurtures more robust partnerships between agencies, clients, and venues, resulting in additionally tailored and impactful events.
Looking ahead, Anita expressed her vision for this trend to persist: “We aspire for corporates to take the next step in their event planning journey by considering multiple bookings to leverage aggregated buying power,” she stated. “By consolidating their event needs, organisations can unlock new opportunities for cost efficiency and resource optimisation, ultimately enhancing the overall value proposition of their events.”
As the events landscape continues to evolve, we remain committed to providing innovative solutions and unparalleled service to our clients, empowering them to navigate these changes with confidence and success.
In addition, the influx of new clients aligning with this trend further solidifies the agency’s position as a preferred partner for those seeking excellence in event planning and execution. New clients include Aramco Overseas and Aramco Europe, Hovis, Faversham House, JC Decaux, Allurion, Loughborough University, Stephenson Harwood, Qatari and Xceptor.
