7 Trends in Event Industry for 2023

The event industry is constantly evolving and it can be difficult to keep up with the latest trends. As we look ahead to the next year, there are a few key trends that are worth keeping an eye on. These trends include the rise of virtual and hybrid events, the increasing importance of sustainability, and the continued growth of experiential events. In this blog post, we will take a closer look at each of these trends and discuss how they are likely to impact the event industry in the coming year. So let’s dive in.

In-person events are fully back?

Through 2022 we saw a solid increase in in-person events, in regards to the years behind us. But, 2023 looks to build upon that increase as?71% of people inside company which are responsible for event organizing,?report that despite their best efforts it’s tough for virtual events to ever fully replace the experience of the in-person corporate event. With 94% of respondents saying they prefer live event over virtually organized one.

But also, we do predict some virtual events (because of some benefits that we will discuss about later below) in 2023, we believe in-person events will still be the preferred way for pretty much every business. According to?Meeting & Group Business magazine, the in-person events market is set for its "strongest year ever" in 2023, and the?2023 AMEX Global Event Trend Forecast?reported "booming optimism and focus on in-person meetings and events".

Hybrid Events Are Still Very Valuable as a PR Tool

Founder and executive director of the Event Leadership Institute Howard Givner predicts that corporate events will shift “From revenue source to marketing vehicle”. The fact is that there is no limit to the number of virtual attendees that can visit an online event. So, because of this, virtually organized events have become a form of mass communication like PR.

Givner said that we take Microsoft's 2020 conference as an example. In 2019, they charged $2,395 per person to attend and saw 6,000 visitors. In 2020, when the event was free - 197,000 people showed up. So, there are some clear benefits of an online event, as long as you plan and organize them for a large group of people.

Experience-oriented events

After mentioned years of various lockdowns, now more than ever, there is going to be a huge focus on creating the best experiences for your visitors, which in return would offer them tangible ROI and lead generation opportunities. In addition, immersive experiences are becoming increasingly popular. Events are no longer just about the speakers or the presentations – they’re about creating an entire experience that attendees can enjoy. As such, event planners are looking for ways to create immersive experiences that will engage attendees and keep them coming back for more. This could include interactive art, virtual reality experiences, and more.

We already know that engagement is a very important metric. Even 49% of marketers said that?the?single biggest contributing factor to event success is engagement with audience. (source: Markletic)

Some creative event organizers are turning “blank” spaces into engagement and promotional opportunities. The Market at Springwood Village was hosting a dog-friendly summer outing and worked with Art Agency UXD to plan a mural activation that took advantage of a slightly isolated wall. Offering professional photos of owners with their dog friends in exchange for an email address, a great way of introducing one to another aspect and capturing their data.

Smaller budgets will require a more strategic approach to event organizing

Despite the fact that event spending will rise by 83%, it's no secret that thanks to the current economic situation, budgets will be the main focus for every event planning in 2023. In fact, it is estimated that the average cost per attendee will be 32% higher compared to 2019 levels. (source: ICE report)

"Pricing is going to be the key metric in 2023. Prices are going up a lot, so financial discipline will be crucial next year: there will be no shortage of enquiries and demand, but the question is whether venues and operators will be able to be profitable. They will likely need to put their prices up, but if they put them up too much they could risk losing business. Turnover is vanity, profit is sanity!"?

Peter Heath, Founder & MD, Venue Performance.

When promoting an event to stakeholders, companies need to ensure that the event aligns with their business goals. Showing the true ROI from events is more important than ever as the cost/return ratio continues to be a key concern for the events.

Event technology will continue to advance

Okay, let’s be honest, this is the big one. The metaverse is still far from becoming a massive tool for event organizers, but it is one that we expect to see more of in the years to come. As technology advances, AI and automation are becoming more commonplace in the event industry. Automation can help streamline processes, reduce costs, and increase efficiency.

Augmented and mixed reality are becoming increasingly popular in the event industry. These technologies can be used to create immersive experiences that engage and entertain attendees in ways that traditional events can’t. Augmented reality event planning tools can be used for product demos, creating networking opportunities, entertaining an audience, and even creating interactive maps for events and venue tours. Moreover, augmented reality technology has become so advanced and readily available that AR apps can be used on most smartphones.

We believe that in-person events will completely dominate next year, as we said, but virtual and hybrid events will continue to have their special place as the rising cost-of-living crisis drives up travel costs and some global audiences and companies may not be able to attend an in-person event. Not surprisingly, a study by MPI on Bizbash.com found that 70% of respondents believe hybrid events will be important to the future of the events industry. As a result, virtual and hybrid event technology must be constantly improved and updated to meet changing needs.

Health and wellness are in the spotlight again

After a difficult few years, this year we have seen significant changes not only in improving the health of our staff, but also in the health of our event attendees.

We anticipate that the congested events will be a thing of the past, with a new focus on more breaks and healthy eating to boost attendees' energy levels throughout the event. A lot of companies this year were focused on providing participants with delicious, nutritious brain food. We also think there will be a great focus on team building activities and bringing teams together to inspire, motivate and energize employees.

We have also seen an increase in demand for employee benefits that support benefits such as access to counseling, more time off, flexible working, and wellness packages. Mass layoffs have led workers to demand more from their employers. As a result, companies need to keep up with providing benefits that people really want and need. Some companies also offer customized corporate wellness experiences that you can host at your event to inspire your guests.

Another example of how companies are taking care of their employees is through the use of coworking spaces. It's an important trend that will continue through 2023, as many companies are still largely working remotely to provide valuable time for their employees. Not only does this make your employees more productive, but it also gives you the opportunity to spend time together and enjoy your time as a team.

Importance of tracking event results

Finally, event analytics will become even more important. Event planners will be able to use data to better understand their attendees, as well as track and measure the success of their events. This will allow event planners to make better decisions and ensure their events are as successful as possible.

Conclusion

These are just a few of the trends that we expect to see in the event industry in 2023. As the industry continues to evolve and grow, event planners will need to stay on top of the latest trends to ensure their events are successful.

According to AMEX Global Event Trends Forecast for 2023, 75% of event professionals rated his optimism above 8 on his 10-point scale, up from last year (59%). Now is the time to take advantage of these trends and adapt to the new situation we find ourselves in. Make the most of an exciting year with our event solutions for data collection, event registration, or all-in-one event solutions.