19 Dec TRENDS IN EVENT INDUSTRY FOR 2023
The event industry is constantly evolving and it can be difficult to keep up with the latest trends. As we look ahead to the next year, there are a few key trends that are worth keeping an eye on. These trends include the rise of virtual and hybrid events, the increasing importance of sustainability, and the continued growth of experiential events. In this blog post, we will take a closer look at each of these trends and discuss how they are likely to impact the event industry in the coming year. So let’s dive in.
In-person events are fully back
Through 2022 we saw a solid increase in in-person events, in regard to the years behind us. But, 2023 looks to build upon that increase as 71% of people inside companies that are responsible for event organizing, report that despite their best efforts it’s tough for virtual events to ever fully replace the experience of the in-person corporate event. With 94% of respondents saying they prefer live events over virtually organized ones.
But also, we foresee some virtual events (due to some benefits that we will talk about later) in 2023. We believe that live events will continue to be the preferred method for almost every business. According to Meeting & Group Business magazine, the live events market is forecast for its "strongest year ever" in 2023. The AMEKS Global Event Trend Forecast 2023 reported a "boom in optimism and focus on live meetings and events."
Hybrid Events Are Still Very Valuable as a PR Tool
Founder and executive director of the Event Leadership Institute Howard Givner predict that corporate events will shift “From revenue source to marketing vehicle”. The fact is that there is no limit to the number of virtual attendees that can visit an online event. So, because of this, virtually organized events have become a form of mass communication like PR.
Givner said that we take Microsoft's 2020 conference as an example. In 2019, they charged $2,395 per person to attend and saw 6,000 visitors. In 2020, when the event was free - 197,000 people showed up. So, there are some clear benefits of an online event, as long as you plan and organize them for a large group of people.
Experience-oriented events
After the aforementioned years of various closures, now more than ever, there will be a big focus on creating the best experiences for your visitors. This in turn would offer them tangible ROI and lead generation opportunities. In addition, immersive experiences are becoming increasingly popular. Events are no longer just about speakers or presentations – it's about creating an entire experience for attendees to enjoy. As such, event planners are looking for ways to create immersive experiences that will engage attendees and keep them coming back for more. This can include interactive art, virtual reality experiences and more.
We already know that engagement is a very important metric. As many as 49% of marketers said that engagement with the audience is the biggest factor contributing to the success of the event. (source: Markletic).
Some creative event organizers are turning "empty" spaces into opportunities for engagement and promotion. Springwood Village Market hosted a dog-friendly summer outing and collaborated with Art Agency UKSD to plan a mural activation that took advantage of the slightly insulated wall. Offering professional photos of owners with their canine friends in exchange for an email address is a great way to get another facet and get their input.
Smaller budgets will require a more strategic approach to event organizing
Despite the fact that event spending will rise by 83%, it's no secret that thanks to the current economic situation, budgets will be the main focus for every event planning in 2023. In fact, it is estimated that the average cost per attendee will be 32% higher compared to 2019 levels. (source: ICE report)
„"Pricing is going to be the key metric in 2023. Prices are going up a lot, so financial discipline will be crucial next year: there will be no shortage of inquiries and demand, but the question is whether venues and operators will be able to be profitable. They will likely need to put their prices up, but if they put them up too much they could risk losing business. Turnover is vanity, profit is sanity!" -Peter Heath, Founder & MD, Venue Performance.“ -Peter Heath, osnivač i doktor medicine, Venue Performance
When promoting an event to stakeholders, companies need to ensure that the event aligns with their business goals. Showing the true ROI from events is more important than ever as the cost/return ratio continues to be a key concern for the events.
Event technology will continue to advance
Okay, let's be honest, this is big. The Metaverse is still far from becoming a massive tool for event organizers. We expect to see more of him in the years to come. As technology advances, artificial intelligence and automation are becoming more commonplace in the event industry. Automation can help streamline processes, reduce costs and increase efficiency.
Augmented and mixed reality are becoming increasingly popular in the event industry. These technologies can be used to create immersive experiences that engage and entertain attendees in ways that traditional events can’t. Augmented reality event planning tools can be used for product demos, creating networking opportunities, entertaining an audience, and even creating interactive maps for events and venue tours. Moreover, augmented reality technology has become so advanced and readily available that AR apps can be used on most smartphones.
We believe that live events will completely dominate next year, as we said, but virtual and hybrid events will still have their special place. The growing cost of living crisis is driving up travel costs, and some global audiences and companies may not be able to attend the event in person. Not surprisingly, an MPI study on Bizbash.com found that 70% of respondents believe that hybrid events will be important to the future of the events industry. As a result, virtual and hybrid event technology must constantly improve and update to meet changing needs.
Health and wellness are in the spotlight again
After several difficult years, this year we have seen significant changes not only in improving the health of our staff, but also in the health of our visitors.
We expect congested events to be a thing of the past. With a new focus on more breaks and healthy eating to increase participants' energy levels during the event. Many companies this year were focused on providing attendees with delicious, nutritious brain food. We also think there will be a big focus on team building activities and team gathering. To inspire, motivate and energize employees.
We have also seen an increase in demand for employee benefits. Benefits such as access to counselling, more time off, flexible working and wellness packages. Mass layoffs have led workers to demand more from their employers. As a result, companies must keep pace with providing the benefits that people really want and need. Some companies also offer customized corporate wellness experiences that you can host at your event to inspire your guests.
Another example of how companies take care of their employees is the use of coworking spaces. This is an important trend that will continue until 2023. Many companies still work mostly remotely to provide valuable time for their employees. This not only makes your employees more productive, but also gives you a chance to enjoy your time as a team.
Importance of tracking event results
Finally, event analytics will become even more important. Event planners will be able to use data to better understand their attendees, as well as track and measure the success of their events. This will allow event planners to make better decisions and ensure their events are as successful as possible.
Conclusion
These are just a few of the trends that we expect to see in the event industry in 2023. As the industry continues to evolve and grow, event planners will need to stay on top of the latest trends to ensure their events are successful.
According to AMEX Global Event Trends Forecast for 2023, 75% of event professionals rated their optimism above 8 on their 10-point scale, up from last year (59%). Now is the time to take advantage of these trends and adapt to the new situation we find ourselves in. Make the most of an exciting year with our event solutions for data collection, event registration, or all-in-one event solutions.
And don't forget DETAILS MATTER!
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