**Washington**: Cvent announces that its group sourcing volume reached an all-time high of approximately US$16.5 billion in 2024, surpassing pre-pandemic figures, driven by increased demand for in-person meetings and unique venues, with optimistic trends for 2025 ahead.
Cvent announced today that the group sourcing volume through its Cvent Supplier Network (CSN) reached an all-time high in 2024, surpassing pre-pandemic figures for the first time. According to a release from Businesswire, the total volume of group business sourced through CSN stood at approximately US$16.5 billion last year. This milestone was driven by a 16% increase in room nights compared to 2019 levels.
Cvent is recognised as one of the world’s largest marketplaces for group hotel and venue sourcing, and this new record highlights the importance that organisations attribute to meetings and events, which are crucial for achieving significant business objectives. Early trends for group sourcing in 2025 indicate that this momentum is set to continue, resulting in a strong demand for technology and AI-driven solutions to assist hotels in managing a rise in request for proposals (RFPs) and surpassing the expectations of planners.
Bharet Malhotra, Executive Vice President and Head of Hospitality at Cvent, stated, “Group business is immensely important to the hospitality industry driving both high-margin revenue and occupancy rates.” He expressed optimism about the future, noting the unprecedented heights reached in group sourcing volume in 2024 and the encouraging early sourcing trends for 2025. Malhotra believes that the increasing recognition among business leaders of in-person meetings as vital drivers of success and innovation will significantly benefit hotels and venues globally, which play a crucial role in facilitating impactful gatherings.
The recently released 2025 Cvent Planner Sourcing Report supports this positive outlook, revealing that nearly 90% of planners anticipate an increase in in-person meetings in 2025. Key findings from the report include:
- Budgets for events are expected to increase, with 70% of respondents indicating they foresee larger budget allocations to support expanded event programmes.
- There is a notable demand for unique venues, with 49% of planners sourcing special event locations, a significant jump from just 17% in 2023. This reflects a heightened focus on creating unique experiences for attendees.
- Responsiveness from hotels and venues has become a vital competitive factor, with 80% of planners expecting a response to their RFPs within four days.
- The delineation between group and transient business is blurring, as 70% of planners reported they are involved in sourcing hotels for their company’s preferred transient hotel programme, and 73% actively manage these programmes, with the majority (87%) stating it occupies over half of their time.
The report underscores the ongoing significance of meetings and events in fostering relationships and driving business growth, providing essential insights for hospitality professionals aiming to engage event organisers and attract more group business to their facilities.
Source: Noah Wire Services
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