As we welcome the new year, the hospitality industry is buzzing with optimism and hope. According to the most recent Planner PULSE Survey, the challenges and uncertainties that marked the end of the previous year have dissipated, and a promising future is on the horizon.
In March, Cvent and Northstar Meetings Group surveyed hundreds of event planners to gather insights for hospitality professionals regarding the concerns and needs of their customers. These planners span the industry and planned events for groups ranging in size from 51 to 500 attendees.
So far this year, there has been no significant change in booking and sourcing activity, and it’s no wonder the pace of new business remains strong – with over two-thirds of all North American event planners reporting that the perceived value of events is more valuable now than before the pandemic. This marks a shift in perspective as in-person events gain recognition for their power to create meaningful connections and exceptional experiences. Forty-one percent of planners also expect more in-person attendees than they had in 2023.
According to most planners, networking and education are the two most critical factors driving demand for face-to-face meetings. As hoteliers, understanding the importance of these factors and tailoring offerings to meet planners’ needs is crucial. Hotels can position themselves as valuable partners by providing exceptional networking spaces and showcasing their event space directly where planners source.
Food and beverage costs remain a significant challenge for planners, underlining the importance of offering flexible and cost-effective dining solutions. Additionally, concerns regarding budget constraints have grown slightly. Furthermore, hotel and venue availability concerns have increased, indicating continuing demand and lingering inventory issues.
It is heartening to note that hotels, convention centers, and venues have earned higher reviews than last fall. Hoteliers can continue enhancing satisfaction levels and securing repeat business by prioritizing exceptional service, responding to proposals quickly, and fostering strong relationships with planners.
As the hospitality industry bounces back from past challenges, hoteliers find themselves in a promising position in 2024. The resurgence of optimism, sustained booking activity, and increased perceived event value provide ample opportunities for hoteliers to thrive. By understanding the driving forces behind face-to-face events and addressing concerns such as F&B costs, hoteliers can position themselves as trusted partners for event organizers. Embrace the future with confidence, adaptability, and a commitment to delivering exceptional experiences that leave a lasting impression on guests and planners alike. The full report covers these findings and more and is available to download now.
Author’s bio: Cvent is an industry-leading meetings, events, and hospitality technology provider. Since 1999, our technology has empowered event planners, marketers, hoteliers, and travel professionals around the world to deliver incredible experiences and accelerate their success.
Sponsored by Cvent.
