The Q3 outlook forecast from Cvent projects a challenging U.S. group business market over the next two years, particularly in late 2020 and the first quarter of 2021.
The findings were released today by the big technology provider in its “Cvent Group Business Outlook,” a 24-month forward-looking report highlighting United States group booking activity through the Cvent Supplier Network.
The CSN is the world’s largest venue-sourcing database, the company says, through which more than $16 billion dollars of group business is sourced annually. Hoteliers can draw on these findings as they adjust their group sales and marketing strategies to attract business during a potential slowdown.
Trends highlighted in Cvent’s group business outlook include:
- The number of group room nights awarded to U.S. hotels for each of the next eight quarters compared to the eight-quarter outlook from the Q2 report.
- Year-over-year change in the number of group requests for proposals 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.
Click here for the full report.