Industry Trends
Monthly analysis of the key trends in the meetings and events industry for May 2022.
Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month and we share those data points with the rest of the community.
HopSkip Market Analysis: May 2022
Data Point #1:
19% of business travelers said COVID-19 stands to greatly influence their travel decisions
Source: Seattle Times
What this tells us:
The approaching summer travel season is bringing record-high gas prices and soaring airfare costs to consumers. Pandemic concerns have been overtaken by these more pressing issues.
Data Point #2:
Compared to 2021, cancellation rates for in-person physical events continue to drop with a cancellation rate of 9.2% in Q1 2022, compared to 91.3% in the first quarter of 2021.
Source: CEIR
What this tells us:
Groups feel much more comfortable than they did one year ago hosting in-person events.
Data Point #3:
Occupancy in the U.S. reached 69%, for the week of 15-21 May 2022, which was the highest level since July 2021
Source: STR
What this tells us:
Recovery is in full effect and the summer travel boom has begun!
Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month and we share those data points with the rest of the community.