Welcome to the latest edition of huddle’s event industry news, our rundown of the event news you need to stay up to date on the industry. Whether you are an event professional or new to the world of event management, we have what you need to know right now. This week we see event RFPs bouncing back from the Covid slump, new research on the value of meetings and events, and how associations are responding to the cost of living crunch. Check out our quick rundown to stay informed on the latest event industry news.

RFPs on the Rise: Event Industry Bounces Back

In a promising update for the event industry, the Events Industry Council (EIC) has revealed positive trends in its Global Events Barometer for Q2 2023. Global business events are making a steady return to pre-Covid levels, with request for proposal (RFP) activity reaching 91% of 2019 levels.
In particular, large and medium-sized events reached 103% of 2019 levels, showcasing robust recovery for in-person events. However, smaller events are still catching up at 88%. Hotel group rooms also rebounded to 98% of the equivalent quarter in 2019, signifying a resilient industry on the path to recovery.

In-Person Meetings:Vital Yet Misunderstood

Harvard Business Review’s recent research, commissioned by American Express Global Business Travel, underscores the invaluable role of in-person meetings. While business travel and corporate events are vital for building trust, nurturing client relations, strengthening company culture, and providing networking opportunities, the report reveals a shortfall in executive-level understanding of the value of these programs. The study, based on insights from 425 global business travel decision-makers, highlights the importance of aligning corporate strategies with the significance of face-to-face interactions.

Business Events Accelerate Recovery in 2023

The Events Industry Council (EIC) shares optimistic news in its Q2 2023 Global Events Barometer, showcasing a consecutive uptick in hotel room nights and business event RFPs. The recovery trajectory, as outlined in the 2023 Global Economic Significance of Business Events Study, signifies the industry’s resilience post-pandemic. Understanding the challenges, EIC officials emphasize the positive acceleration of recovery in the meeting industry during the first half of 2023.

Associations and Corporates Navigate Cost of Living Challenges

A survey by The Eastside Rooms reveals that 37% of associations and 30% of corporate organizers increased salaries in response to the cost of living crisis in 2023. With 83% of organizers experiencing an increase in event costs, the report sheds light on the industry’s adaptive measures. Flexible working arrangements have been embraced by 24% of organizers, emphasizing the need for strategic adjustments amidst economic challenges.

ECA’s Vision for 2024: A Proactive Public Policy Agenda

The Exhibitions & Conferences Alliance (ECA) unveils its ambitious public policy agenda for 2024. With a laser focus on propelling economic growth, creating a favorable operating environment, and championing industry-led sustainability, ECA aims to empower the business events industry globally. By joining event planners with the latest event technology, they hope we can move the event community forward together no matter what types of events are being held.

Top priorities include restoring visa operations, supporting the next-gen workforce, and promoting sustainability efforts. ECA is committed to raising awareness of the industry and fostering its future talent pool. Read more

Consumer Sentiment Weighs on Event Budgets

Despite positive economic indicators, event budgets in North America remain conservative. Nicola Kastner, founder of The Event Strategist, highlights the challenge of stagnant marketing budgets amid a 30% increase in event costs since 2019. A notable staff turnover rate further complicates matters.

The Cvent report indicates increased budgets in Europe, but the industry faces the ongoing challenge of cost inflation. Companies are urged to focus on driving tangible business outcomes from events, especially amidst economic uncertainties.

Thanks for joining us in another instalment of Huddle’s Event Industry News. If you want to know more, contact an expert at Huddle today to find out how you can make your event program save your bottom line and the planet!