The data, provided by 40 meeting venues and Visit London’s convention services, suggests that conditions across the capital’s business tourism sector will continue to improve across 2007. Room hire fees rose by 37% during Q3 with strong demand helping revenues to grow. Event attendees also increased by 37%.
Similarly positive was the increased value of enquiries received by Visit London’s convention services. This jumped by 55% compared with 2005’s Q3.
July to September also saw smaller venues – with a meeting capacity less than 200 – outperform their larger competitors with an increase of more than 30% in the number of events compared with the previous quarter.
Charlotte Reeves, chairwoman of Unique Venues of London – which contributed to the research – said: “Increased competition is voiced as a concern by some venues but healthy competition will only act to encourage venues to excel.”
Although the report indicates a period of significant growth, venues still report some unease about trading conditions in 2007. The economy is raised as the biggest concern, ahead of rising costs, terrorism and increased competition.
Visit London’s commercial director, David Hornby, said: “The signs for the year ahead are generally positive, with market conditions remaining strong.
“London is blessed with an amazing choice of venues which inspire organisers to return to the capital every year and attract new buyers from across the globe.”