Budgets and unique experiences up: Cvent

Cvent’s 2018 Global Planner Sourcing Report APAC reveals event planners are seeing an increase in budgets and have an increased desire to deliver unique experiences for their attendees. Over half, 52 percent, of respondents said their event budgets had increased year-on-year (compared with 29 percent in the year prior).

The report also revealed that small events with less than 20 attendees have increased by 14 percent compared to 2017 results. Respondents also reported planning more off-site meetings.

The second-annual study explores how meeting planners source venues and what influences their decision-making process.

“Organisers are seeing an increase in their event budgets and now more than ever, planners are looking to utilise these additional funds for more memorable and personalised experiences,” said Sandeep Nagpal, vice president of marketing at Cvent.

“Hotels and venues that are able to re-evaluate their strategies to focus on flexible meeting space, unique activities and atmospheres, and delivering enhanced amenities and best-in-class service levels are the ones that will find most success in attracting MICE business to their properties.”

Only 40 percent of planners said they would move to their second-choice venue if offered more than 10% savings. Additionally, unique atmosphere, customer service and free amenities are all up year over year as top influencers in booking a venue.