Most meeting professionals would increase their budgets to secure preferred venues despite continued cost concerns for 2024, according to a new survey from meeting technology provider Cvent.
Cvent’s 2023 North American Planner Sourcing Report surveyed more than 500 regional event professionals in April and May.
While 48 percent of respondents said that cost-saving measures would predominantly determine their event planning priorities this year and next, 49 percent of respondents said they would increase their budgets up to 20 percent to secure a preferred venue or hotel, according to the report. Forty-six percent said they would increase their budgets up to 10 percent. Just 1 percent said they would not increase their budget at all.
These potential budget increases may seem counterintuitive given the expressed interest in cost-saving measures regarding 2024 planning, but event professionals have other avenues of savings in mind.
According to the survey, approximately 63 percent of planners would switch venues for savings of at least 6 percent, and 93 percent would switch for savings of at least 11 percent. Only 4 percent said a discount would not affect their venue choice.
DE&I and Sustainability as Decision Makers
Along with budget and preferred venue options, sustainability and DE&I are also considerations for planning among some event professionals, according to Cvent.
According to the survey, 37 percent of respondents said DE&I will predominately shape their event priorities this year and next, and 36 percent said health and wellness considerations would. One-third of respondents said an increased focus on sustainability would shape their M&E planning in 2024.
Also on the list, 33 percent of event professionals said rebuilding relationships will shape their event planning priorities in 2024. The highest concern was cost-saving measures, according to 48 percent of respondents.
Sustainability and DE&I practices also affect some event professionals’ request-for-proposals considerations. According to the report, 22 percent of event professionals said DE&I practices had the greatest influence over their decision to submit an RFP to a hotel or venue, while 21 percent said sustainability would.
The highest considerations for submitting RFPs, however, were event technology support and meeting room rates, cited by 27 percent and 26 percent of respondents, respectively.
Overall, respondents were highly optimistic about the state of the meetings industry. According to the report, 91 percent said they were optimistic about the state of the meetings and event industry, and 56 percent indicated they were “very” positive about it.
