Survey: Meetings Demand, Supplier Satisfaction Up

Meeting planners are steadily optimistic about 2024 events due to strong bookings, growing attendance and increased supplier satisfaction, according to a new survey by Northstar Meetings Group and Cvent. 

The latest Meetings Industry Pulse Survey included data collected from Sept. 21 through Oct. 8 from 449 meeting planners, including corporate, association and nonprofit, third-party and other planners.

According to the survey, 49 percent of planners during the prior six weeks developed a more optimistic meetings outlook, while 34 percent reported "no change" and 17 percent said they had become less optimistic. 

2024 Events, Attendance Build

Forty-five percent of planner respondents said they expect to produce more events in 2024 than 2023, and 45 percent said they would produce about the same number. Only 10 percent said fewer. 

Planners also expected in-person meeting attendance levels to grow next year—an area one respondent said was enriched by virtual attendance options.

"Our virtual offerings have not replaced attendance; they've been an add-on," according to one survey respondent who added their attendance numbers "are back to pre-pandemic levels for our in-person events, but we've doubled our overall attendance because of virtual."

Approximately 32 percent of respondents said 2024 meetings attendance would be between 91 percent and 100 percent of 2019 levels, while approximately 27 percent said it would be more than 100 percent. Asked the same question in October last year, the majority of survey respondents projected attendance would continue to lag pre-pandemic levels in 2023.

Perceived value by respondents' organizations or clients of face-to-face events is also on the rise. When asked how that perception changed from prior to the pandemic, 32 percent said those events are viewed as "significantly" more valuable, and 31 percent said they are seen as "somewhat" more valuable. Only 7 percent said they are viewed as less valuable while 30 percent said the perception is about the same. 

Planners’ primary focus has shifted significantly during pandemic recovery. The top focus in January 2022 was rescheduling and rebooking for 30 percent of respondents, compared to just a quarter who were primarily focused on booking new events. Rebooking steadily lost steam throughout 2022, giving way to a stronger focus on active sourcing and new bookings in 2023 that now continues into 2024.

For 40 percent of planners, their current primary focus is booking in-person events—a slight increase over 38 percent who said the same in October 2022. Primary planning activities for in-person events for other survey respondents included actively sourcing (34 percent) and researching (17 percent). Only 4 percent are focused primarily on rescheduling. Six percent of surveyed planners said they are not sourcing live events. That number has stayed relatively consistent since 2022.  

Supplier Satisfaction Increases 

Across the board, planners' satisfaction with suppliers and vendors improved year over year—some of which respondents attributed to faster request for proposal responses.

According to the survey, more than three-quarters of planner respondents said hotels within a week. This compares to October 2022's survey in which nearly half of respondents said hotels were slow to respond to RFPs.

Planners also generally felt supported by their meeting and event suppliers. On a scale of one to five—one being "not at all" and five being "extremely satisfied"—respondents reported an average satisfaction level higher than 3.5 in most areas. The only average that fell short was with audio/video providers, with an average satisfaction level of 3.49.

That said, planners are experiencing some difficulties, particularly with costs. Sixty-five percent said food and beverage costs are higher than they expected, which is lower than the 70 percent that said so last year. Sixty-two percent said hotel rates are higher than they expected, compared with 70 percent in 2022. Views on supplier staffing showed the most improvement, with less than half of survey respondents (42 percent) said they are struggling with supplier staffing deficiencies, compared with 54 percent last year. 

The hotel industry has worked hard to increase staffing. While gaps still remain, a July J.D. Power report in part attributed increased hotel guest satisfaction to better staffing levels. For planners, that same improved staffing—including their associated higher pay and better benefits—likely are contributing to the unexpectedly high catering costs and room rates they noted in the survey. American Express Global Business Travel expects rates to continue to rise for transient business and meetings well into 2024. 

Some planners' own organizations are also adding staff members, and a healthy number plan to do more next year. Forty percent of survey respondents anticipated their meetings and events team will grow in 2024. Thirty-seven percent said their team wouldn't grow, and 21 percent said they didn't know. 

Overall, cost containment, return on experience and return on investment remain top priorities for planners in 2024, according to the survey. Following those concerns within the survey were sustainability and diversity, equity and inclusion efforts.

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Northstar Meetings Group is a portfolio mate of BTN under Northstar Travel Group.