Although the U.S. group events business will likely soften in the fourth quarter of 2020, the industry can expect a rebound in 2021. The findings come from the Cvent Group Business Outlook, released today by big event and hospitality tech provider Cvent.
The survey is a 24-month forward-looking report highlighting U.S. group booking activity through the Cvent Supplier Network. The CSN is the world’s largest venue sourcing database, through which more than $16 billion dollars of group business is sourced annually. Each quarter, Cvent releases this proprietary sourcing data analysis, offering unique insights into the U.S. group business market.
The Q4 Outlook projects a softening U.S. group business market in 2020. In Q4 2019, event duration, peak room nights, and size of group room block decreased. The data suggests that the market will trend upwards in 2021. Hoteliers can draw on these findings as they adjust their group sales and marketing strategies to attract business in competitive markets.
Trends highlighted in the quarterly Cvent Group Business Outlook include:
- The number of group room nights awarded to U.S. hotels for each of the next eight quarters compared to what was awarded in the corresponding eight-quarter outlook in the prior year.
- Year-over-year change in the number of group requests for proposals (RFPs) awarded via Cvent to U.S. hotels during the current and prior four quarters.
- RFP characteristics for future groups including average size of group block, average peak room nights, average event duration and average booking window.
The Cvent Group Business Outlook is designed to provide a meaningful benchmark that hospitality professionals can use to compare their hotel, chain, or portfolio’s group pace and offers a unique perspective on the expected group performance for the hotel industry at large. The data gives hospitality professionals insights to help them stay ahead of market trends and attract group business.
Click here for the full Q4 2019 Cvent Group Business Outlook report.