As eventing opened up after the long lockdown restrictions, conference and event businesses have finally been able to get back to business. This is seeing a nice rebound as people within businesses look for new ways to connect, network, share expertise and incentivise their staff in new and exciting ways. The event industry will likely see nice growth between now and 2028 and the global market is expected to hit $1.619bn by 2028. Here are eight trends growing in the business event industry, which are more than likely to make more waves in the coming months and years.
1. Events are back
In a recent piece of research by survey data, 88% of companies are back to in-person events with 79% of staff happy to be at in-person events. This is widely recognised as a great opportunity to connect with like-minded entrepreneurs and build meaningful, in-person relationships.
2. Hybrid forward
In the past, in-person events have been preferred, but companies are opting for hybrid events in the future. Here tech and in-person come together in order to give people the best of both worlds. In this regard, we are seeing global webinars, and hybrid/ virtual events continuing. This offers a level of flexibility, with lower costs whilst encouraging globally-based team members and businesses to engage with each other like never before.
3. Bridging the tech divide
The key to managing physical and digital experiences is by having the right technology to fuse them and create a connected, unified experience. This should be a consistent experience for event-goers which are both in-person and virtual. This space is showing incredible innovation which is allowing greater access, stacked features and promoting opportunities to connect and network.
4. Thinking for a price-conscious market
Because of various cutbacks, companies really need to think carefully about their event costs. Budget reductions are a reality and a price-conscious market needs to be accommodated. This means that event companies really need to come up with budget-friendly options, and all-inclusive options with no unexpected or hidden costs.
5. Personalised and flexible options
In a digital world, we are becoming more and more used to tailored experiences. This will follow through to events where programs will be customised to meet the specific needs of clients with requirements unique to the business holding the event.
6. Mental health in the spotlight
Companies are really coming to understand the importance of supporting their staff in a move toward mental health and overall well-being. Now events are being curated with this in mind in order to promote team-building, staff development and stress relief in a team environment.
7. Incentivised travel
This is a top motivator for staff, particularly in the wake of the last two years In fact a recent IRF 2022 Trends Report it was found that 80% of respondents are likely to be motivated to travel in order to develop culture, engage performance and shift mindsets. This has the power to really motivate staff in very real ways and where possible these kinds of events should be put on the company calendar.
The Pandemic really changed how people think about the environment. This has had a knock-on effect on the event industry where event-goers prefer to attend conferences which have sustainable practices and are environmentally friendly. This includes things like recycling, composting, providing sustainable food and beverage options, reducing waste and eco-friendly transport options.
The bottom line
These top trends will likely filter into the following year and beyond. Creating really exciting developments in an industry that (until now) has been so hard hit by the pandemic. With this in mind, it’s time to embrace the out-of-office and out-of-home experience and plan your next company event. If you need fast funding to help you create a one-of-a-kind company experience, contact Merchant Capital today.