Event and meeting professionals are hitting the ground running as North America and the rest of the world finally transition back into a full swing return of in-person events and meetings. It seems that days of postponing or canceling events have come to a firm halt.
We surveyed 400+ event professionals through the Northstar/Cvent Meetings Industry PULSE Survey in June to get a true understanding of trending strategies and pain points within the industry. Through your responses, we had several takeaways that will be useful as event professionals continue to strategize and adjust their total event programs.
Takeaways: Live Events Return in Force
We found that 8% of event professionals are rescheduling and rebooking events, meaning 92% are focused on new meetings heading into 2022. This 8% statistic is at an all-time low, truly proving that the events industry has reached a pivotal breakthrough point. We’ve also found that over 70% of planners have reported they will be executing their next event within the next four months, while actively sourcing and booking new events.
We’re also seeing that 50% of meeting planners say it’s hard to find space and dates. Planners also may not be able to find space at their preferred venues or get in touch with their typical contacts. Because of this, you may need to look to new destinations to find a space that works for them. Venue sourcing technology like the Cvent Supplier Network can help automate the venue sourcing process by streamlining communication with venue contacts and giving you rate and date details upfront.
Event Costs are on Everyone's Minds
Another finding is that rising costs are causing many concerns – 79% of planners have reported rising costs are having a material impact on their events, making cost containment a critical priority. We’re seeing that rates are much higher than expected across the board – from food and beverage costs, airfare prices, transportation, on-site staffing, AV/Tech, room rates, etc. With these rates being higher than expected, planners have been trying to cut costs and negotiation any chance they can.
We’ve found that 26% of planners are planning fewer events due to the cost influx, and 28% have reported that budget costs have caused a delay or cancelation of their event. Event technology can help you get insight into your event spending so you can be smarter about where your money is going. The Cvent Supplier Network can also give you valuable insight into past, present, and future destination rate information, this will help you negotiate the best rate possible at your next event venue. Vendor Marketplace can help you find trusted vendors across a dozen of categories based on your event needs.
How Hotel Staffing is Affecting Planning Professionals
Results show that 31% of planners need to cancel or postpone their event due to the lack of hotel/venue staffing, and 39% of planners have confirmed a supplier contact is gone. 39% of planners also reported that low registration numbers have caused delated or cancelations of their events. Venue sourcing technology can help you store hotel contacts and efficiently contact the right people at your chosen event venues.
Response rates are higher and easier to manage when using a centralized platform like Cvent. If you’re having trouble tracking in-person attendance and worried about attrition, room block management software can help you see room pick-up in real-time so you can get smarter with forecasting in-person attendance. This will let you know if and when you need to ramp up marketing efforts to increase attendance onsite.
All in all, our survey results show that the events industry continues to trend in a positive direction. We hope the results are useful to you as you continue to plan your total event program and host successful in-person events.
Follow this link to learn more about how you can maximize your in-person events.