Amid cost concerns, discounts could lure meeting planners

Most meeting professionals would increase their budgets to secure preferred venues despite continued cost concerns for 2024

Cvent's 2023 North American Planner Sourcing Report surveyed more than 500 regional event professionals in April and May.

While 48% of respondents said that cost-saving measures would predominantly determine their event planning priorities this year and next, 49% of respondents said they would increase their budgets up to 20% to secure a preferred venue or hotel, according to the report.

These potential budget increases may seem counterintuitive given the expressed interest in cost-saving measures regarding 2024 planning, but event professionals have other avenues of savings in mind.

According to the survey, approximately 63% of planners would switch venues for savings of at least 6%, and 93% would switch for savings of at least 11%. Only 4% said a discount would not affect their venue choice.

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