Pent-up demand floods Malaysia’s events industry as corporate ‘revenge spending’ continues

[KUALA LUMPUR] Michael Lee, the chief executive officer of Kuala Lumpur-based venue sourcing platform Ask Venue, was overwhelmed by a flood of enquiries for venue space after business events in Malaysia resumed in May 2022. Ten months on, this demand has yet to ease.

Since last August, his company has received around 1,000 enquiries almost every month from people wanting to know about the availability of venues and pricing.

“Around 15 per cent to 20 per cent of the enquiries have converted to sales,” he told The Business Times. “If not for the unavailability of their preferred venues on certain dates, the conversion rate could hit 45 per cent to 50 per cent.”