Grass Roots HBI reports shrinking venue rates

Grass Roots HBI has launched the third edition of its Meetings Industry Report, which offers insights into the current and future picture of the UK meetings industry.

The report also features highlights from a European and global perspective.

Grass Roots HBI reported shrinking venue rates with reductions of between five per cent and 10 per cent already achieved during the first few weeks of 2009.

The agency predicts reductions of up to 30 per cent during this year.

Grass Roots HBI also revealed that meeting rates increased by just less than two per cent in 2008 compared to 2007.

London continued to be the most expensive meeting destination in the UK during 2008, at an average GBP60.64 for day delegate rates and GBP228.04 for 24-hour rates.

At the other end of the spectrum, the lowest average day delegate rates were in the south west at GBP47.12 and in the north east for 24-hour rates at GBP126.66.

Paris, Milan and Geneva were the most expensive international cities in which to meet with an average EUR94 (GBP87) four-star day delegate rate.

Budapest (EUR50), Brussels (EUR56) and Lisbon (EUR62) were the cheapest.

With companies looking to maximise their meetings and event budgets, Grass Roots HBI reported an increase in demand for teleconferencing facilities in meetings, particularly to save time and travel costs for senior executives.

Other changes in the market include increasing compliance and mandates around how meetings are sourced.

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