Cvent Releases Q4 2019 Group Business Outlook
Quarterly forward-looking report informs hoteliers of key market trends to help drive group business growth
Feb 20, 2020 – Cvent, a market-leading meetings, events, and hospitality technology provider, released the latest Cvent Group Business Outlook, a 24-month forward-looking report highlighting United States group booking activity through the Cvent Supplier Network. The CSN is the world’s largest venue sourcing database, through which more than $16 billion dollars of group business is sourced annually. Each quarter, Cvent releases this proprietary sourcing data analysis, offering unique insights into the U.S. group business market.
The Q4 Outlook projects a softening U.S. group business market in 2020. In Q4 2019, event duration, peak room nights, and size of group room block decreased. The data suggests that the market will trend upwards in 2021. Hoteliers can draw on these findings as they adjust their group sales and marketing strategies to attract business in competitive markets.
Trends highlighted in the quarterly Cvent Group Business Outlook include:
- The number of group room nights awarded to U.S. hotels for each of the next eight quarters compared to what was awarded in the corresponding eight-quarter outlook in the prior year.
- Year-over-year change in the number of group requests for proposals (RFPs) awarded via Cvent to U.S. hotels during the current and prior four quarters.
- RFP characteristics for future groups including average size of group block, average peak room nights, average event duration and average booking window.
The Cvent Group Business Outlook provides a meaningful benchmark that hospitality professionals can use to compare their hotel, chain, or portfolio’s group pace and offers a unique perspective on the expected group performance for the hotel industry at large. The data gives hospitality professionals insights to help them stay ahead of market trends and attract group business.
Click here for the full Q4 2019 Cvent Group Business Outlook report.
Cvent is a leading meetings, events, and hospitality technology provider with nearly 4,000 employees, 30,000 customers, and 300,000 users worldwide. Founded in 1999, the company delivers the most comprehensive event marketing and management platform and offers a global marketplace where event professionals collaborate with venues to create unmatched experiences. Cvent is headquartered in McLean, Virginia, just outside of Washington D.C., and has additional offices in London, Frankfurt, Dubai, Melbourne, New Delhi, and Singapore among others, to support its growing global customer base. The comprehensive Cvent event marketing and management platform offers software solutions to event organizers and marketers for online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement. Cvent’s suite of products automate and simplify the entire event management process and maximize the impact of in-person, virtual, and hybrid events. Hotels and venues use Cvent’s supplier and venue solutions to win more group and corporate travel business through Cvent’s sourcing platforms and to service their customers directly, efficiently and profitably – helping them grow and own their business. Cvent solutions optimize the entire event management value chain and have enabled clients around the world to manage millions of meetings and events. For more information, please visit Cvent.com, or connect with us on Facebook, Twitter or LinkedIn.