Knowland Releases Quarterly Activity Forecast Predicting Meetings Recovery
Knowland, a leading provider of data-as-a-service insights on meetings and events for hospitality, released the U.S. Meetings Recovery Forecast (MRF) with predictive insights into event recovery over the next three years. The company will update the model quarterly.
“Knowland’s Meetings Recovery Forecast model is the foundation for future predictive forecasting," said Jeff Bzdawka, CEO of Knowland. "It applies the intelligence of machine learning to Knowland’s expanding meetings and events database to generate thoughtful, actionable AI-driven insights."
The MRF demonstrates projected industry recovery patterns for meetings at hotels and is based on Knowland’s proprietary data and regression models leveraging almost 20 million global events over the last 15 years. The forecast uses a natural recovery model, assuming historic seasonal patterns without major market disruption, to index the recapture of meeting activity compared to baseline levels from 2019. By comparing past data to evolving data trends, relevant changes and their implications are designed to be more understandable as the market moves into 2022 and beyond.
The MRF provides ongoing, return-to-normal forecasts to create seasonal velocity metrics over a three-year period to predict when event activity levels will return to 2019 levels. In the current model, Knowland is forecasting by the end of 2021, events will have recovered 28 percent of 2019’s baseline year demand. However, for the period of September to December of 2021, that recovery will be at 49 percent, a reflection of the significant uptake in events in the last quarter of the year.
Projected recovery patterns beyond 2021 currently include the following forecast:
- 58.3% recovery by the end of 2022
- 86.9%recovery by the end of 2023, however, by August 2023, Knowland forecasts that individual months will be back to normal levels.
- 109.8% recovery by the end of 2024.
Knowland's MRF data and most current forecasts are available here https://www.knowland.com/blog/.