In the latest survey of 126 event venues and suppliers, mia found that two-thirds (66%) of organisations have forecasted more revenue for the year ahead compared to 2022.
Despite this signal of sector optimism for the year ahead, the research also reveals the estimated value of the cancelled business as a result of recent rail strikes to exceed £337m for the sector, while over £550m of business has been postponed.
The threats to forecasts continue with the well-documented rise of energy costs, as over three-quarters (76%) are said to have increased their prices by an average 13% to mitigate increased operating costs in the last six months.
Beyond financial forecasts and threats, the insight into staffing highlights the sector’s ongoing recruitment challenge. As 53% of organisations claim to be understaffed, almost half (47%) have had to reduce their service, with almost 8 in 10 (79%) currently advertising live vacancies.