by Li Jackson, Exhibit City News
The events industry is currently influenced by several key trends, including the race for space, stringent cost control due to rising inflation, and the need to rebuild partner and supplier relationships. In a recent webinar hosted by SITE, titled “Data Deep Dive: Unveiling Event Trends and Insights,” insights from Cvent’s event venue sourcing data and a pulse survey of event planners in October were discussed.
As in-person events make a comeback to pre-pandemic levels, there’s a noticeable surge in demand for event spaces. Planners are being encouraged to proactively secure venues, explore diverse options, and tap into various markets. While the challenge of tight supply and rising costs exists, incentive planners are resilient and are finding creative solutions. Rather than scaling back on incentives, they are adapting by optimizing group sizes for incentive trips. This adaptive approach showcases the industry’s determination to provide meaningful experiences despite current challenges.
Cost pressures and budget constraints are evident, with fewer requests for proposals for large gatherings. Some planners are exploring multiple destinations for their events, and Europe, particularly cities like Vienna, Florence, Dublin, Milan, and Prague, is gaining popularity.
The webinar also delved into the life cycle of events, revealing an average duration of approximately 154 days from creation to the event start date. The duration varies based on event size, ranging from 20 to 340 days. In-person events continue to dominate, constituting 85% of event programs, while virtual events remain popular, with 45% utilizing a virtual format.
Across industry segments, in-person events remain essential, particularly in healthcare, education, financial services, and government. The industry is also focused on rebuilding partner and supplier relationships due to high staff turnover, with new planners entering the field. Digital tools are emphasized for efficiency, especially for new planners who may not have the time for extensive research or site visits.
