Olympics helps generate £17.42m of venue bookings

A new survey has revealed that London venues have taken £17.42 million worth of contractual bookings during Games time. The 2012 London Venues Business Report by The Westminster Collection, Unique Venues of London and The Conference Bench says that the findings have given the events industry renewed optimism in the long-term impact of London 2012 on the conference and meetings market.

Over 100 venues were questioned – 87 per cent of venues feel positive about the long-term impact the Olympic Games will have on the conference and meetings market in 2013 and beyond, 51 per cent of venues believe that the Olympic Games will improve their 2012 full-year forecast, with nearly half of these venues anticipating revenue increases of up to 30 per cent, and the average day delegate rate (DDR) achieved by London venues in 2011 was £52.31, with 67 per cent of venues reporting their individual highest achieved DDRs are now £80 or more.

The survey suggests that pre- and post-Olympic Games business is showing positive gains. Thirty-one venues report increased revenue between May and July 2012 compared with the same period in 2011 – 48 venues have reported increases in trade for September and December 2012.

More than 40 per cent of venues also report that large events are being booked on average three months or less in advance of the event date. The overall survey average revealed a lead time of five months.

Picture: ODA