London venues are optimistic about the long-term impact of the Olympic Games on the meetings market, as a new report records £17.4m worth of contractual bookings across 100 venues in the capital during Games time.
The 2012 London Venues Business Report, commissioned by The Westminster Collection (TWC), Unique Venues of London (UVL) and The Conference Bench, brings together results from 100 venues, tourist attractions and hotels across the capital.
It found that 87 per cent of venues feel positive about the long-term impact of the Games, although just over half (51 per cent) believe the Olympics will improve their 2012 full-year forecast. Nearly half of the latter respondents anticipated revenue increases of up to 30 per cent.
Business pre and post-Games is up, with 31 venues reporting increased revenue between May-July 2012 compared with the same period in 2011; 48 venues have reported increases in trade for September-December 2012.
The trend for shorter lead times continues, with 41 per cent of venues reporting large events are being booked on average less than three months in advance. The overall average lead time is five months.
In the first quarter of 2012, 58 per cent of venues reported room hire revenue growth of up to 40 per cent compared with the same period last year. 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 were £80 or more.