Cvent revealed today via a Businesswire release that group sourcing volume through the Cvent Supplier Network (CSN) set a new record high in 2024, surpassing pre-pandemic numbers for the first time.
Approximately US$16.5 billion of group business volume was sourced through the CSN last year, driven in part by a 16% increase in room nights in 2024 compared to 2019. As one of the world’s largest group hotel and venue sourcing marketplaces, the significant milestone underscores the value that organisations place on meetings and events in achieving critical business objectives. Notably, early group sourcing trends reflect continued positive momentum in 2025, driving strong demand for technology and AI-powered solutions for hotels to more efficiently manage increased RFP volume and exceed planner expectations.
“Group business is immensely important to the hospitality industry driving both high-margin revenue and occupancy rates.”
“Group business is immensely important to the hospitality industry driving both high-margin revenue and occupancy rates,” said Bharet Malhotra, Cvent Executive Vice President and Head of Hospitality. “We were thrilled to see group sourcing volume reach new heights in 2024, and strong early sourcing trends give us confidence that corporate spending on in-person meetings will continue as business leaders recognize it to be a vital driver of business success, growth, and innovation. This will be a boon to hotels and venues around the world as they continue to play a key role in hosting, facilitating, and executing more impactful meetings and events.”
The positive sentiment is further supported by key insights from the recently published 2025 Cvent Planner Sourcing Report, which revealed that nearly 90% of planners expect the number of in-person meetings to increase in 2025.
Additional report highlights note:
- Bigger budgets: 70% of respondents expect higher budgets to support larger event programmes in 2025.
- Unique venues in demand: 49% are sourcing special event venues, up from 17% in 2023. This highlights a renewed focus on delivering unique attendee experiences.
- Responsiveness key to competitiveness: 80% expect a response from a hotel or venue to their request for proposal (RFP) within four days.
- Group and transient no longer isolated: 70% of planners say they are also involved in sourcing hotels for their company’s preferred transient hotel program, and 73% say they manage the programme. The vast majority (87%) say it accounts for over half of their time.
The report shows that meetings and events remain the cornerstone of relationship-building and business growth and offers hospitality professionals key insights into how best to engage event professionals and attract more group business to their properties.
Image credit: Pavel Danilyuk via Pexels
