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 | Q3 2022 Update
Updated October 12, 2022
Q3 performance pushes head of the previous forecast and positions 2023 to be a year of growth for hospitality meetings and events
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.
October 12, 2022 Commentary:
- U.S. Markets Recovery Forecast update
- Since the forecast in July, the outlook for the U.S. has been raised from 72.6 percent recovery by the end of 2022 to 73.1 percent recovery.
- Meeting levels will recover to 106.4 percent of 2019 levels in 2023 and 129.2 percent in 2024.
- Top 25 Markets Recovery Forecast update
- 2022: Phoenix, Dallas, and Nashville will be 100 percent recovered.
- 2023: Atlanta, Denver, Detroit, New Orleans, Oahu, Orlando, San Diego, San Francisco, Seattle, and Tampa will achieve 100 percent or greater recovery.
- 2024: 23 of the 25 markets will achieve 100 percent or greater recovery by 2024. Chicago and Philadelphia will achieve 90 percent or better percent recovery during 2024.
- Read the latest press release with full details here.
The third quarter was the strongest of the year. Each month the recovery to 2019 has grown, with September nearing 90 percent recovery (89.5 percent). We are poised to reach greater than 90 percent recovery in at least one month in the last quarter. All of this is positioning 2023 to be a year of growth and not just another year of recovery.
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.
Top 25 Markets: Anaheim, Atlanta, Boston, Chicago, Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Minneapolis, Nashville, New Orleans, New York, Norfolk, Oahu Island, Orlando, Philadelphia, Phoenix, San Diego, San Francisco, Seattle, St. Louis, Tampa, and Washington DC.
Knowland updates the MRF/MRF25 on a quarterly basis. Check back here for the latest activity.
Ready to see what is happening in your market today? Schedule a free market analysis to find out.
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.