May’s Index: Middling but moving in the right direction

The Pomona Index rose to 1456 in May with stronger performance in enquiries and bookings compared to the dreadful low of April. Average deal size was low though, and overall it was an average month that didn't reach the same highs as Mqy 2024.

Some historical context is useful here. Across the three years for which we have calculated the index for this period now, you can see sharp dips in either March (2024), April (2025) or May (2023). It’s possible these are related to the April year end, and the timing of the Easter holidays. But we know now to expect a dip around this period. We also know to expect another dip in July for obvious reasons.

The year average so far remains well above previous years at 1879, thanks to a strong Q1: 58% higher than the 2024 average and 138% higher than 2023.

Key takeaways:

1. Always expect a drop in bookings around the April year end/Easter holidays
2. June should be a stronger month but July likely to see another dip
3. You’re doing well if you saw strong bookings and rates in May