Happy Wednesday everyone! Let's kickstart with our next edition of the Tip of the Week discussion! After hearing directly from 440 event professionals about current trends in the latest March/April Northstar/Cvent Meetings Industry PULSE Survey, we gathered several takeaways from this new data that will give you some great tips as you continue navigating the current state of the events industry.
More than half of all planners are booking and/or sourcing events less than one year out due to short lead times. We found that 47% of planners say hotels and venues are slow to respond to RFPs.
So, what can be done to help event planners source more efficiently and overcome the race for time? We recommend venue-sourcing technology to help you research rates and venue information, reach out to multiple venues with one RFP, and negotiate rates quickly.
According to our findings, travel budgets, meeting budgets, and higher costs are the top concerns for planners. Additionally, we learned that 48% of planners anticipate 10% or fewer attendees compared to attendance rates in 2022.
Planners are seeking creative solutions to save money on event space and increase attendee interest. Discover the perfect unique event space that meets your budget and helps drive up registration.
In early 2020, the events industry came to a firm halt due to the pandemic, and all events were postponed indefinitely. 30% of planners still have yet to produce the meetings and events they rescheduled due to the pandemic. Event technology can play a crucial role in helping you manage the backlog of your rescheduled events, including helping manage contracts that were affected by COVID-19.
Despite the time pressure, cost increases, and anticipated lower attendance numbers, event planners continue to amaze us by remaining optimistic and resilient. Even with these obstacles, nearly two-thirds of all planners will produce more meetings in 2023 vs. 2022.
Stay tuned for our next report, coming out in June!
Questions for you:
Share your learning and thoughts on the above survey findings.
As always, feel free to drop in your suggestions in the comment section below!
#Creating/ManagingEvents------------------------------Megha JetleyManagerCvent Marketing Department------------------------------
This is very interesting, and as a hotelier I can say that during Covid hotels laid off almost all of their workers including sales. So a lot of hotels have struggled to rehire quality staff, or they're purposely not rehiring enough staff for the demand to save money. It's truly unfortunate for us that are working and are trying to keep up. The booking window for events has severely diminished from before Covid.
The backlog issue, combined with the shortage of hospitality workers post-COVID, is making for a definite challenge for sourcing. Events must plan much further ahead now to find selection and availability that used to be available in half the timeframe, and yet that time isn't usually given, per the first point. It becomes a real Catch-22.
------------------------------Tori MartinezEvent Technology SpecialistDirect TravelUnited States------------------------------
I really felt The pandemic backlog last year with hotels. This year has been a bit better, but sourcing is still a challenge as I feel like more hotels are still capitalizing on the leisure business vs group business.
I agree and find it all very interesting.