Cvent is predicting a challenging U.S. group business market over the next two years, particularly in late 2020 and the first quarter of 2021. That’s according to the company’s newly released Cvent Group Business Outlook, a 24-month forward-looking report highlighting United States group booking activity through the Cvent Supplier Network (CSN).
Cvent says that the CSN is the world’s largest venue sourcing database, through which more than $16 billion dollars of group business is sourced annually. Each quarter, Cvent releases this proprietary sourcing data analysis, offering unique insights into the U.S. group business market.
According to the report, the average size of a group block is set to decline over the next two years, down an average of 1.6 rooms from the average of the prior year, or 0.7 percent, to 222.2. Average peak room nights and average event duration are likewise expected to fall, by 0.2 rooms (0.3 percent) from the prior year’s average to 74.4 days in the case of peak room nights and by 0.03 days (0.8 percent) to 3.3 days in the case of event duration. The average booking window is expected to increase by 0.5 days (0.3 percent) over the previous year’s average, to 184.8 days.
For the third quarter of 2020, the number of group room nights awarded is down by 1.7 percent. It is also down by 0.3 percent in the fourth quarter of 2020 and by 0.8 percent in the first quarter of 2021.