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 | Q4 2022 Update
Updated January 25, 2022
Q4 2022 outperforms Knowland forecast by 8.4%, leading to 2023 projection of 10% organic growth
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.
Click here to watch the webinar recording explaining the market changes, Meeting Recovery Update | Q3 2022. (Q4 webinar update to come on 1/16/23)
January 25, 2022 Commentary:
- U.S. Markets Recovery Forecast update
- 2023 Recovery Forecast: 110.2 percent (106.4 percent in October forecast)
- 2024 Recovery Forecast: 133.3 percent (129.2 percent in October forecast)
- Top 25 Markets Recovery Forecast update
- 2022: Dallas, Nashville, Phoenix, and Tampa 100% recovered.
- 2023: Anaheim, Atlanta, Denver, Houston, Miami, Minneapolis, New Orleans, Oahu Island, Orlando, San Diego, San Francisco, Seattle, and St. Louis will achieve 100 percent or greater recovery.
- 2024: 23 of the 25 markets will achieve 100 percent or greater recovery by 2024. Boston and Chicago and Philadelphia will continue recovery during 2024.
- Read the latest press release with full details here.
“The fourth quarter outperformed the Knowland forecast by 8.4 percent, driven by top market growth. Additionally, both November and December exceeded 2019 numbers. This is the first time this has happened since the pandemic began. 2023 is poised to be a growth year, and hotels should be focused on optimizing demand and profitability.”
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, Las Vegas, Los Angeles, Miami, Minneapolis, Nashville, New Orleans, New York, 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.