- Event volume up 5%, registrations up 1%
- 35% of planners report increased optimism
- 56.4% of business goes to the first three RFP responders
- 32% of turned-down RFPs were flexible on dates but not asked
The global events industry is experiencing a period of significant transformation, marked by both growth and complexity. Insights from Cvent's platform data and the Northstar CET meetings industry poll survey reveal a nuanced landscape where increased optimism coexists with evolving attendee behaviors and persistent challenges in communication and cost management.
Cvent's data indicates a robust 5% year-over-year increase in event volume, with over 141,000 events now being sourced. However, registrations have only seen a modest 1% rise. This disparity points to a strategic shift: the industry is multiplying into more targeted, smaller programs like field events, roadshows, and executive roundtables, rather than a few large-scale gatherings. In-person events are leading this charge, up 15% year-over-year, with attendees committing earlier, often within four weeks of an event. This growth is further fueled by a wave of new planners entering the market, adding 611 net new organizations to the network.
Despite this overall growth, the industry faces critical challenges. A significant 75% of planners anticipate fewer attendees in 2026, reinforcing the trend towards smaller, more intimate events. Furthermore, 44% expect a decrease in exhibitor and sponsorship revenue, highlighting a need for innovative value propositions. The sourcing process itself reveals inefficiencies: 56.4% of business is awarded to the first three suppliers who respond to an RFP, with winning hotels replying within an average of 12 hours and 23 minutes. Shockingly, 62% of RFPs are turned down due to unavailability, and 32% of those planners were open to flexible dates but were never asked.
Artificial intelligence is emerging as a key tool for navigating this complex environment. While not yet fully integrated across the board, 50% of planners are using AI primarily to save time and increase efficiency. A notable 31% are already using AI in sourcing and planning, with another 26% planning to adopt it soon. This indicates a growing recognition of AI's potential to streamline operations, allowing planners to reinvest time into strategic thinking, creative proposals, and ensuring events align with core business objectives. However, the satisfaction with overall value for money from suppliers remains a concern, scoring a modest 3.17 out of 5 in recent surveys.
The overarching theme for success in this evolving landscape is clear: communication. Both planners and suppliers must foster more transparent and proactive dialogue. Hotels need to move beyond simple 'no' responses and actively propose alternative dates or creative solutions. Planners, in turn, should clearly articulate their priorities and flexibility in RFPs. By bridging these communication gaps and leveraging technology to enhance efficiency, the event industry can transform challenges into opportunities, ensuring every event delivers maximum impact and value.
“It's not an availability problem, right? It's it's not it's not um that that that the hotels don't want to work with you. It's that they did not ask. So, it's a mis conversation and a mischance to recover business.”
