Cvent Data Finds Corporate Group Bookings Decline for 2020
Request for proposal activity growth is down, too
The meetings and events sector is becoming increasingly competitive, but companies may be starting to hold back on corporate bookings.
The most recent Group Business Outlook report from Cvent released this week shows a decline in group booking on the company’s platform for the second half of 2020 and into the first half of 2021, as demand fails to meet growing supply. Cvent pulls its data from its supplier network, which hosts 260,000 venues globally. The platform’s latest projections are in line with other indications from around the industry that corporate bookings are starting to slow worldwide.
While group booking is set to increase in the short-term, it takes a sharp turn in the third quarter of 2020, decreasing 40 basis points. This negative trend continues for the following four quarters, before recovering in the third quarter of 2021.
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