The number of attendees at meetings and events is up this year compared to 2018, and that corresponds to an increase in current and anticipated budgets, according to Cvent's latest Planner Sourcing Report. More than 50 percent of the 2,650 global planners surveyed said attendance at their meetings had increased over the past year. More than 50 percent also have seen their budgets increase, particularly for fundraisers, trade shows and conferences and conventions. Forty-one percent often or always use third-party planners.
Planners also expect future budgets to rise: Fifty-five percent anticipate an increase in food and beverage costs, 54 percent see travel prices increasing, 52 percent are planning for spikes in costs for venues and 52 percent expect higher costs for event management technology. Seventy-two percent would need to save 6 percent before considering a switch to their second-choice venues.
In addition, the survey revealed pain points for planners. Forty-four percent cited communication problems as the reason for choosing not to submit an RFP to a venue, and 32 percent want better attention to detail in RFP responses. Nearly six in 10 planners will not return to a venue due to a lack of professionalism. Just 16 percent said trustworthiness is the primary area that needs improvement, down from 30 percent in 2018.
Almost 50 percent of respondents still manage room blocks manually, but 59 percent would prefer a tech-driven solution.