Cost and value for money are becoming important factors that event planners consider in the venue selection process.
Costs and cost-effectiveness are becoming more important than ever for corporate event planners, association planners, event agencies and incentive and reward agencies across North America, Europe and the UK, the research firm found. 2024 Planner Sentiment ReportThe newly released report states: Event BusinessA global think tank and advocacy network for the business events industry.
Cost and cost-effectiveness each remained one point higher in all three regions than sentiment for this sector in the group’s survey results for 2023. This result is unsurprising given the increased pressure most planners are feeling this year due to the impact of inflation on costs associated with planning meetings and events, including venue fees and ancillary costs.
The importance of destination brand in the hosting decision-making process also increased by one point overall, as planners seek more personalized and engaging experiences for their attendees. Equity and diversity also increased from last year, although the trend is more pronounced in the UK and Europe than in North America.
As these areas grow in importance, sustainability is becoming a less important factor, the report noted. Business of Events asked some of the survey participants to elaborate further on the reasons for this decline, which was particularly evident in the UK and Europe. “While sustainability is still considered an important issue, we believe there is a degree of ‘sustainability fatigue’ due to the focus on the topic in recent years, while there is also a sense that the need for strong sustainability practices, particularly within venues, has meant that sustainability is no longer seen as an added value, but rather a practical requirement – something to be expected,” the report’s authors said.
However, when breaking down the results by region, there are some differences. For North American travel planners, safety and security was the top priority, followed in a tie for second by access/transport/ease of travel, cost/value for money and being welcomed at the destination. For North American travel planners, destination/city brand and destination support were in a tie for third place, followed by equity/diversity, food/hospitality and sustainability/social impact (also tied). Cultural identity was the least important of the emotional factors included in the survey for North American travel planners.
An events business founded and managed by a brand communications agency Davis Tannerused both desk research and direct engagement through its buyer database and social media channels to gather data for the report. It surveyed its audience over a three-week period this spring, asking them to rank 10 emotional areas of concern to the site selection decision-making process from 1 (least important) to 10 (very important). Business of Events also hosts an invitation-only event each year and works with ICCA as part of the Global Advocacy Alliance. It also partners with IBTM World to run the IBTM Forum for Advocacy.
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