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HopSkip Meetings Market Analysis- February 2023

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February 27, 2023
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HopSkip Monthly Market Analysis February 2023

Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month, and we share those data points with the rest of the community.  


 

HopSkip Market Analysis: February 2023

Data Point #1:

40% of meeting planners say finding hotel availability is their #1 challenge.

What is the top challenge youve faced so far when sourcing events in 2023

Source: HopSkip Q1'23 Webinar Poll

 

What this tells us:

Meeting planners have spoken – market compression is real.  Seeking hotel availability is becoming increasingly harder for them. Whether it's a lack of available hotel guestrooms, sky-high guestroom rates, or, a less-than-optimal booking process, obtaining the availability at the right rate is a challenging objective in today's market, and it's only getting harder.

Data Point #2:

51% of hoteliers say that agreeing on contract clauses and terms is the #1 challenge they face when booking events in today's market.

top challenge in booking events today with your planner partners 45

Source: HopSkip Q1'23 Webinar Poll

 

What this tells us:

With so many intricacies to be considered when organizing a major event, coupled with scar tissue from the cancellation fees incurred by planners and costs eaten by hotels, it makes sense why contracts can be an increasingly challenging and sensitive area for planners and hotels. 

Data Point #3:

84% of Meeting and Event Planners track costs manually in emails or spreadsheets.

Meeting and Event Planners track costs manually in emails or spreadsheets

Source: HopSkip Q1'23 Webinar Poll

 

What this tells us:

Most Meeting and Event Planners oversee the event budget, from venue sourcing to executing the event. It's great to see that planners are tracking their event's projected spending versus budget is happening- props to event planners. 

However, the risk in this process is the potential for human error or forgetting to account for expenses that have already been made. Additionally, with manual processes like these come slower detection times for ever-escalating expenses or inconsistencies. 


Every month HopSkip analyzes data from around the meeting and events industry to understand trends in the market. HopSkip picks a few of the most relevant trends from research conducted throughout the month, and we share those data points with the rest of the community.  

 

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