Online venue sourcing platform Hire Space reported a 25% rise in event budgets during the first three quarters of 2022, boosted by a post-socially restricted need for businesses and Associations to reconnect in person. Despite this encouraging statistic, it’s apparent that the uncertainty caused by the pandemic has simply made way for many and varied other challenges.
Now there’s skyrocketing energy prices, rising inflation, looming recession, the ongoing aftershock of Brexit, continued war on Ukraine, and onerous supply chain issues to contend with… So, what are the predictions for the events industry in 2023 and beyond?
- Higher Rates – It seems inevitable that venues will be left with no choice but to pass on punitive energy and supply chain costs to clients and customers. Kerrin MacPhie, chief executive of the Meetings Industry Association, said: “Many venues and operators aren’t able to sustain these cost increases, and may have to look to offset the increased cost of their operations through charging more for their services.”
- Bigger But Less Events – Trade body ICE (In-House Corporate Events) predicts a staggering 83% rise in event spend in 2023. But it’s also forecasted that the average cost per attendee will be 32%+ compared to pre-Covid levels. As a result, industry experts foresee a lower event count, but larger and more intentional events. “Where in the past [businesses] might have run an event because they always have, now they’re looking for clarity and focus around what part the event plays in the bigger picture and what the measurable returns are on it”, explained Sasha Frieze of The Business Narrative.
- The Future is Hybrid – Hybrid events aren’t necessarily a budget option when they’re done really well. But they can deliver an impressive ROI, besides enabling greater audience reach. In addition, hybrid events provide a solution to potential delegate hesitancy problems, due to increased accommodation, sustenance and travel costs, (especially on an international stage).
At MICE Concierge, it’s always our priority to source the best venues and solutions at the best possible rates. Get in touch about our free market leading venue finding service for live events, or our event tech solutions for hybrid and virtual.
