Market Overview

New Cvent Study Shows Companies are Planning More and Larger Meetings & Events and Increasing Program Spend

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New Global Planner Sourcing Report outlines planners' strategies and
priorities for sourcing venues

Cvent,
Inc.
, a market leader in meetings, events, and hospitality
technology, today released the results of its fourth annual Global
Planner Sourcing Report, which outlines the results of a survey among
nearly 3,000 corporate event planners worldwide that explores how
meeting planners source venues and what influences their
decision-making. This year's study showed that companies are
increasingly investing more in meetings and events programs, reflecting
strong corporate confidence in the economy and the positive business
impact of meetings and events.

The study found that 52 percent of respondents say their event budgets
have increased year-over-year, compared with 32 percent reporting
increases the prior year. Likely an extension of these larger budgets,
the number of events planned each year has also grown, and event size is
on the rise. 28 percent of planners said they are organizing 6 to 10
offsite meetings (up from 15 percent last year) while the number of
planners organizing only one or two meetings halved (decreasing from 26
percent to 13 percent). From a size perspective, planners report that
the number of meetings they plan that exceed 100 attendees has grown as
a percentage of the total.

"There are many indicators pointing to the strength of the economy, but
one of the most telling may be growth in the corporate events industry,"
said Patrick Smith, Chief Marketing Officer at Cvent. "While more spend
on meetings and events is great news for the travel and hospitality
industry, venues and destinations cannot fully reap those benefits until
they can deeply understand what makes a meeting and event planner tick.
This survey offers hospitality professionals the data and insights they
need to attract more group business and ensures their sales and
marketing teams are focusing on the areas that make the most impact."

Additional findings from the study include:

Most group business is available for the taking and can be earned by
any venue with great marketing plans and a strong digital presence.

  • Only 16 percent of planners say they are extremely certain of their
    venue when they begin the sourcing process.
  • Peer recommendations are the top influencer on sourcing decisions –
    highlighting the importance of venues monitoring their digital
    presence, ensuring they are discoverable, engaged with their
    customers, and responsive to feedback online.

Activities outside of the meeting venue have become an increasingly
important consideration for event planners
. Events that incorporate
outside activities help generate revenue for outside businesses, such as
restaurants, sports arenas, musicians and cultural attractions, boosting
the overall economic impact of meetings and events.

  • 21 percent of planners cited outside activities as a top influence
    when selecting a venue.
  • 43 percent said live music and entertainment are strategies they have
    leveraged to create a memorable event experience.

Despite growing budgets, costs and discounts remain important to
planners, but they aren't everything.
Though they may have more
resources at their disposal, planners remain sensitive to costs, but the
desire to deliver a memorable experience can help override cost
restrictions.

  • 71 percent said they are extremely or very certain about what they
    have to spend.
  • Only 35 percent of planners said they would move to their second
    choice venue if they offered a more than 10 percent savings, down
    nearly 10 percent year over year. This helps to demonstrate the
    importance of other offerings like additional amenities, service
    levels, and unique onsite experiences that can provide a standout
    experience and entice group business.

Technology and digitization are key to creating an enduring experience.
While creating space for networking is a top priority for event
planners, technology continues to play an important role in attendee
engagement. Survey respondents said they have used the following tools
to build a compelling experience:

  • Social media displays (36 percent)
  • Mobile event apps (29 percent)
  • Interactive polls (25 percent)
  • Virtual/augmented reality (17 percent)
  • Mobile gamification (15 percent)

To download Cvent's 2018 Global Planner Sourcing survey, click HERE.

About Hospitality Cloud

The Cvent Hospitality Cloud partners with hotels and venues to help them
drive profitable group and corporate travel business. Event planners and
corporate travel managers source more than $16 billion dollars in
business through Cvent's online platforms each year, and the Cvent
Hospitality Cloud offers clients direct access to these buyers. Using
Cvent digital marketing tools and software solutions, hoteliers attract
valuable leads to grow their business, maximize the value of that
business, and strengthen direct customer relationships. By connecting
hotels with buyers and providing technology for winning and servicing
customers, Cvent Hospitality Cloud helps hoteliers grow and own their
group and corporate travel business. For more information regarding the
Cvent Hospitality Cloud, visit https://www.cvent.com/en/hospitality-cloud.

About Cvent, Inc.

Cvent, Inc. is a leading meetings, events, and hospitality management
technology provider with more than 3,200 employees, 25,000 customers,
and 300,000 users worldwide. The Cvent Event Cloud offers software
solutions to event planners for online event registration, venue
selection, event management, mobile apps for events, email marketing,
and web surveys. The Cvent Hospitality Cloud partners with hotels and
venues to help them drive group/MICE and corporate travel business.
Hotels use the Cvent Hospitality Cloud's digital marketing tools and
software solutions to win 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 hundreds of thousands of meetings and events. For more
information, please visit Cvent.com, or
connect with us on FacebookTwitter or LinkedIn.

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