Cvent report shows event budgets on the rise but so are costs

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Three quarter of planners in Australia (76%) anticipate paying more for similar-sized and complex meetings in 2023 than in 2022, according to the latest bi-annual Cvent Planner Sourcing Report.

As a result, 88 per cent planners also expect an increase in their event budgets.

With the rise of digitisation, event planners are increasingly turning to digital resources to aid in their planning process. More than one third of planners say online sourcing platforms have become an essential resource for site selection.

In addition, with rising travel costs, in-person site visits are being replaced with digital online tours. Report results show that more than half (53%) of planners in Australia utilise digital floor plans and online event diagrams to better understand meeting room capabilities and to determine whether the hotel is the right fit for their event.

The report also highlights that existing relationships should be nurtured as event planners value professionalism and partnership in hotel staff with 38 per cent in Australia saying it’s important.

“It’s an exciting time for both event organisers and hoteliers as in-person events make a strong comeback around the world, and these findings further prove the opportunity that exists for hospitality professionals to grow their MICE business,” said Graham Pope, Cvent VP of international sales.

“By understanding evolving industry trends, adapting to changing planner preferences and embracing technology, hoteliers can attract the right leads and offer more tailored solutions to meet their clients’ expectations, which ultimately strengthens the partnership and drives more value. With the market in full bloom, hospitality professionals who recognise these opportunities and take action stand to gain the most.”