Business events industry tips smaller budgets, increased costs next year

MICE News
Tuesday, 20 October 2020

Collaboration with hotels and increased reliance on technology will be needed  to drive the recovery of the business events industry, according to the Australia edition of the Cvent Planner Sourcing Report 2020, which has compiled data and survey responses from 150 organisations. 

This year’s study shows live events – whether virtual, in-person, or hybrid – are still top of mind for organisations across the country, and while virtual events have been helpful during the pandemic, 72 per cent still prefer in-person experiences. 

When planning for the future, event organisers have become increasingly reliant on technology and the support of their hotel partners and venues to make their events safer and more effective. Nearly 70 per cent of respondents reported an increased reliance on technology, and 67 per cent of planners expected venues to provide for social distancing room configurations. In addition, 42 per cent of respondents already are currently sourcing for in-person events, which points to increased confidence across the region.  
 
As per the report, planners are anticipating a reduced event budget and an increased event cost in the coming year. Some 46 per cent of the survey respondents foresee a decrease in their 2021 event budget, while 43 per cent think the cost per event might rise next year.
 
“These research findings confirm what we see every day in the interaction of our event planners and hospitality customers,” said Chris McAndrews, vice president of marketing for Cvent Hospitality Cloud. 
 
“Due to Covid-19, hospitality professionals have become even more focused on the health and safety of their guests, and technology is central to this effort. Hotels are using online venue sourcing platforms to showcase their safety policies, offering planners virtual site visits, and leveraging interactive diagramming tools to design floor plans that comply with social distancing requirements.” 

Business events industry tips smaller budgets, increased costs next year

MICE News
Tuesday, 20 October 2020

Collaboration with hotels and increased reliance on technology will be needed  to drive the recovery of the business events industry, according to the Australia edition of the Cvent Planner Sourcing Report 2020, which has compiled data and survey responses from 150 organisations. 

This year’s study shows live events – whether virtual, in-person, or hybrid – are still top of mind for organisations across the country, and while virtual events have been helpful during the pandemic, 72 per cent still prefer in-person experiences. 

When planning for the future, event organisers have become increasingly reliant on technology and the support of their hotel partners and venues to make their events safer and more effective. Nearly 70 per cent of respondents reported an increased reliance on technology, and 67 per cent of planners expected venues to provide for social distancing room configurations. In addition, 42 per cent of respondents already are currently sourcing for in-person events, which points to increased confidence across the region.  
 
As per the report, planners are anticipating a reduced event budget and an increased event cost in the coming year. Some 46 per cent of the survey respondents foresee a decrease in their 2021 event budget, while 43 per cent think the cost per event might rise next year.
 
“These research findings confirm what we see every day in the interaction of our event planners and hospitality customers,” said Chris McAndrews, vice president of marketing for Cvent Hospitality Cloud. 
 
“Due to Covid-19, hospitality professionals have become even more focused on the health and safety of their guests, and technology is central to this effort. Hotels are using online venue sourcing platforms to showcase their safety policies, offering planners virtual site visits, and leveraging interactive diagramming tools to design floor plans that comply with social distancing requirements.”