There’s no doubt that 2023 brought fresh challenges and opportunities for the events industry, from a growing awareness around sustainability, diversity and inclusion, as well as the impact of rising event costs, AI and new technology. So it's fair to say that it's as dynamic a time as ever for event professionals!
Going forwards, we've been keeping an eagle eye on the conversations happening in events, and we're diving into all the exciting trends that we've seen making headway in the lead-up to the new quarter and year. From sustainability to event technology, here are our top predictions from Warehouse Four for corporate events in 2024!
Experience-first events will lead the way
Experience is becoming more and more essential, and this looks set to be a key trend for 2024. Gone are the days of people attending an event because it's the only way to network, absorb content, or - let's face it - get out of the office. With more competition than ever for event attendees, from increased numbers of events, to more options for attending virtually, your event has to offer something unique and exciting to draw guests.
2023 saw a huge focus on creating the best possible experiences for attendees, which in return offer clients tangible ROI and lead generation opportunities. Immersive, experiential events, pop-ups, brand activations, holding events in the Metaverse and the use of social media have all developed as unique methods of attendee engagement. And as we know, engagement is a hugely important metric - according to Markletic, 49% of marketers even said it was the single biggest contributing factor to event success.
Event technology will continue to advance drastically
Arguably the biggest trend of 2023, across all industries, was the advance of technology that's expected to have a transformative impact on our lives. With AR, VR and AI tools starting to make their way into our daily work, event organisers are able now more than ever to create other-worldly, personalised experiences for their attendees, and to do so in less time than ever before. In fact, tools such as ChatGPT are being used across the scope of planning events, from writing business plans and content outlines, to drafting budgets and proposing speakers, as in this recent example of a futuristic event planned almost entirely by AI...
However, other areas of event technology have taken a backseat compared to the rush of attention around AI. Despite significant hype around The Metaverse in recent years, there have been few examples of virtual events really investing in the online environment and making it as lifelike and organic as possible. This is something we expect to see growing significantly in 2024, however, as we start harnessing AI to make it easier to create truly interactive virtual experiences, where matchmaking is seamless, and chatbots can help to make the experience as slick as attending in person for all attendees, wherever they are in the world.
In-person events dominating the market
In line with our forecasts, while we saw a few examples of virtual events in 2023, in-person events have been overwhelmingly the preferred option for businesses. According to Meeting & Group Business magazine, 2023 was set to be the in-person events market's "strongest year ever", and the 2023 AMEX Global Event Trends Forecast reported "booming optimism and focus on in-person meetings and events".
That's been reflected by what our clients are looking for, with over 95% of events booked through Hire Space being fully in-person this year. That said, hybrid events have still kept their head in the door, especially as events with a virtual option can increase brand reach significantly and allow international attendees to avoid the hefty travel costs we're seeing in the current economic climate.
Over the past couple of years, we've seen many venues become hybrid-ready for this very reason. Having spoken to many of our London-based hybrid venues, it appears the market's appetite for meeting in person, with the option of tuning in virtually, has remained relatively high in the first half of this year. It seems most people would still prefer to attend physically though. According to Markletic, 72% of respondents said they'd get more value out of attending a hybrid event in person.
Tighter budgets require a more strategic approach to event programmes
With event costs rising by 40-60%, it's no secret that thanks to the cost of living crisis, budgets were under the microscope in 2023, and this scrutiny isn't going anywhere. In fact, it's estimated that the average cost per attendee was 32% higher compared to 2019 levels last year... When it comes to venue pricing, a strategic approach is crucial.
When it comes to making a case for events to stakeholders, businesses will need to ensure their events are aligned with their company objectives. It's become more important than ever to prove genuine ROI from events as cost vs return remains a large concern for the sector.
Continued drive on sustainability
The past couple of years have seen the climate crisis and sustainability soar to the top of the agenda for the events industry, with ICE's 2022 report showing that sustainability was the top challenge reported by respondents. No longer just a 'nice to have', the industry is making huge leaps towards making events sustainable for their clients and this will continue to be a huge driver this coming year.
It's no easy feat, though: according to GBTA’s June 2022 Sustainability Report, 90% of organisations said they required professional guidance in their sustainability journey. But the organisation's 2023 report showed that action is being taken, with 71% of travel buyers and suppliers saying that they now have a sustainability supervisor or team in the company, which is 5% higher than last year.
We're finding more and more as time goes by that clients are asking for sustainability policies and accreditation for venues - a positive sign of things to come.
Renewed focus on data and event measurement
Measuring the impact of events has become more essential than ever as we fight to prove ROI and the importance of events as a marketing channel. The biggest trend we've seen around this has been a renewed focus on data collection, which can be used to analyse the success of events and make adjustments for future events.
Technology is really driving the ability to make stronger insights from events. Platforms such as Arena, Cadence and Brella can be used to draw insights around audience engagement at virtual events, while for in-person events we're beginning to see a proliferation of wearable tech like Bluetooth wristbands, and built-in tech such as facial-recognition cameras that track eye movements and calculate engagement with content.
We believe these trends will continue to drive our thriving industry and we're feeling optimistic about the future. And it's not just us: according to the 2023 AMEX Global Event Trends Forecast, 75% of event professionals rated their optimism levels at 8 or higher on a scale of 1 to 10, which is an increase from 2021 (59%). It's reassuring to see we're heading in the right direction following a tough few years.
