MIA reports 10% rise in DDR
Meetings venues across the UK have overcome a challenging economy to experience a 10% rise in delegate day rates (DDR) over the last four years, according to figures gathered by the Meetings Industry Association (MIA).
Despite the ongoing economic uncertainty and a slowdown in the rate of GDP growth, the average DDR among MIA members rose by 2% in 2018 to £43.48, continuing the steady upward trend noted since miaTouchstone started tracking rates in 2015.
Venues in the South West and East Midlands were among those with the highest rate rises. Both regions saw an increase of 20% in their DDR rates in 2018 while residential rates rose around 25%.
Average 24-hour residential rates reported by the MIA member venues to the online benchmarking tool also rose by 2% in 2018 compared to those in 2017 with the latter months showing a bigger uplift.
While rates rose, so too did the average number of meetings. Despite an immediate drop off in activity levels following the EU Referendum in 2016, the industry bounced back to experience 12% growth in 2018.
The outlook for the year ahead is also promising, according to results of the miaTouchstone survey. Overall enquiry levels were up by over 10% in 2018 indicating the industry’s positive growth could continue into 2019.
MIA chief executive Jane Longhurst said: “The miaTouchstone results indicate that 2018 was a good year for most participating MIA members. To see growth in many areas, particularly DDR, is testament to the hard work of MIA venue members in providing an excellent service to their customers and is especially noteworthy against the backdrop of a challenging economy.
“It is also heartening to see that confidence in the business meetings and events market is high for the year ahead, although everyone is aware that the UK’s proposed exit from the EU at the end of March could change that. miaTouchstone’s review of enquiry levels is always a key indicator of prospects going forward, particularly in the current volatile climate, and this will be a key measure for MIA members to watch over the next six months as the UK economy adjusts to a ‘post-Brexit’ world.”
Content published by Meetings Industry Association