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Eight Influential Trends Impacting the Business Event Industry

As the event industry rebounds following the long lockdown restrictions, conference and event businesses are finally getting back to work. This resurgence is driven by a growing desire for people within organizations to connect, network, share expertise, and incentivize their staff in new and exciting ways. The event industry is expected to experience significant growth between now and 2028, with the global market projected to reach $1.619 billion by that year. Here are eight trends currently shaping the business event industry that are likely to gain momentum in the coming months and years.

1. Events Are Back
   Recent research indicates that 88% of companies have returned to in-person events, with 79% of staff expressing satisfaction with attending these gatherings. This presents a valuable opportunity to connect with like-minded entrepreneurs and build meaningful in-person relationships.
2. Hybrid Forward
   While in-person events have traditionally been favored, many companies are now opting for hybrid events that blend in-person and virtual components. This approach offers flexibility, reduced costs, and encourages participation from globally-based team members and businesses.
3. Bridging the Tech Divide
   The ability to manage both physical and digital experiences hinges on having the right technology to create a connected, unified experience. This space is witnessing incredible innovation, allowing for greater access, enhanced features, and new networking opportunities.
4. Thinking for a Price-Conscious Market
   With various budget cuts, companies need to be mindful of event costs. A price-conscious market requires event companies to offer budget-friendly and all-inclusive options without unexpected or hidden costs.
5. Personalized and Flexible Options
   As digital experiences become more tailored, this trend will extend to events. Programs will be customized to meet the specific needs of clients and address the unique requirements of the businesses hosting the events.
6. Mental Health in the Spotlight
   Organizations are increasingly recognizing the importance of supporting their staff’s mental health and overall well-being. Events are now being curated with a focus on promoting team-building, staff development, and stress relief within a team environment.
7. Incentivized Travel
   Travel remains a strong motivator for staff, especially after the challenges of the past two years. According to a recent IRF 2022 Trends Report, 80% of respondents indicated they are likely to be motivated to travel to enhance company culture, engage performance, and shift mindsets. Such events can significantly boost staff motivation and should be prioritized on company calendars.
8. Sustainability
   The pandemic has altered perceptions regarding the environment, impacting the event industry as attendees increasingly prefer conferences that implement sustainable practices. This includes recycling, composting, offering sustainable food and beverage options, reducing waste, and providing eco-friendly transportation.

The Bottom Line
These trends are expected to influence the industry for the coming year and beyond, fostering exciting developments in a sector that has been severely impacted by the pandemic. Now is the time to embrace out-of-office and out-of-home experiences and plan your next company event. If you need fast funding to help create a unique company experience, contact Merchant Capital today.