Cvent guest blog: How will the Economic Downturn Impact the Events Industry?

Cvent venue sourcing

By: Hannah Lee | Oct 25, 2022

Blog posted contributed by Cvent:

Soaring costs and staff shortages are key topics at the moment. Following 2 years of uncertainty, we’re now hearing talk of a potential recession. At Cvent, we recently sat down with event professionals and hoteliers to understand what impact this uncertainty is having on their events and how we can face these challenges together as an industry.

Soaring Costs

It’s what we’re all hearing as soon as we turn on the news, and while the event industry is keeping an eye on what may happen, the general consensus was that after two years of virtual events, companies are so desperate to get back in person that they are willing to spend more. The expectation is once this novelty wears off, we may see some potential budget cuts next year. However, this doesn’t mean events will be put on pause again. Organisers are looking for creative solutions, for example moving their events from Tier 1 cities like London to cheaper locations like Leeds, or making the strategic decision to hold some events virtually and others in-person.

Staff shortages

Event teams and hotels alike are experiencing staff shortages. With many employees having left the industry during the pandemic, businesses are now struggling to entice them back.

A lack of staff means that venues have had to reduce their capacity. As a result, event planners are waiting longer to receive a response to their RFPs and have lost their trusted contacts at their preferred venues. We heard from one event professional that they experienced a disappointing situation when a venue accepted the booking, but on the day of the event the venue struggled to facilitate the booking to the highest standard. Event planners expressed that they understood these problems, the only thing they ask for is transparency - they need to know in advance if the hotel will be understaffed. One event planner even mentioned she’d be happy to step in and help place cutlery or hand out plates.

On the flip side, event teams are also struggling with a lack of personnel. Job roles have shifted and event planners have had to take on extra tasks to make up for the lack of team members.

How can Cvent support?

The good news is Cvent’s got you covered. Cvent’s event technology platform can helpyou reduce costs, reduce your workload and assist with venue sourcing. The Cvent Supplier Network helps event planners find and send out multiple RFPs at once. In addition to increasing efficiencies, it also helps venues alleviate the pressures they face of reduced staff by automating responses to the majority of RFPs, therefore speeding up the response time.

Lighten your own workload too, by automating manual processes with Cvent’s event marketing & management platform –saving you time and money, and filling in the gaps in your overstretched team. You can also cut costs by taking a strategic and holistic approach to your events, consolidating your tech stack and having increased visibility over your budget.

Find out more about how Cvent can support you.
 

Author

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Hannah Lee

 

 
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