Knowland Releases Meeting Resumption Forecast in US

Knowland has released a United States Meeting Resumption Prediction (MRF) to provide the hospitality industry with predictive information on resumption of events over the next three years. The company will update the model quarterly and the data will be available to everyone online. To see the most recent screenings, visit knowland.com/blog/.

Going forward, the expected recovery capture is indexed as follows:

  • By the end of 2022, Knowland predicts a recovery of 58.3%.
  • By the end of 2023, he forecasts a recovery of 86.9%. However, by August 2023, Knowland predicts that individual months will return to normal levels.
  • By the end of 2024, Knowland predicts a recovery of 109.8%.

The MRF demonstrates the industry’s projected recovery patterns and is based on Knowland’s proprietary data and regression models leveraging nearly 20 million global events over the past 15 years. The forecast uses a natural recovery model, assuming historical seasonal patterns without major market disruption, to index the recovery in meeting activity to 2019 baselines. By comparing past data to changes in data trends, hoteliers can better understand relevant changes and their implications. – as the market evolves towards 2022 and beyond.

“Knowland’s Meetings Recovery Forecast model is the foundation for future predictive forecasting,” said Jeff Bzdawka, CEO of Knowland. “It applies machine learning intelligence to Knowland’s expanding meetings and events database to generate thoughtful and actionable AI-powered insights for hotels at the regional, local and even real estate levels. “

The MRF provides continuous return-to-normal forecasting 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 predicts that d ‘By the end of 2021, events will have recovered 28% of the demand for the 2019 reference year. However, for the period September-December, this recovery will be 49%, reflecting the significant recovery of events in the last quarter of the year.

“As we continue to increase our data sources, we have an even better view of the potential recovery path for hoteliers,” said Kristi White, Product Manager, Knowland. “Data science allows us to compare years of historical seasonal velocity to our latest data models to help hoteliers understand how to move towards a more profitable future. The Meetings Recovery Forecast offers the hospitality industry advice on when to start rebuilding the sales force, how to plan for upcoming seasonal changes, and, basically, when to reactivate your revamped sales engine.

Knowland’s MRF provides the percentage growth in demand as the industry recovers. Hoteliers can view forecasting as an additional tool to help them with various operational decisions. The data informs the staffing of reception and housekeeping teams as well as sales teams when they anticipate the return of seasonal demand. Additionally, owners and asset managers can leverage forecasting to optimize their investment in property sales above and at the property level by knowing when to start pre-sale to maximize stock capture.

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