CORPORATE EVENT TRENDS FOR 2023

The world's most innovative companies are looking for ways to build stronger relationships with their customers and collaborators. Corporate events are still the best way to do this.

In 2023, corporate events will continue to be a key part of business strategy. The industry is expected to grow by 2% over the next year, with projected revenues of $2.6 billion USD by 2023, according to Research and Markets. This growth is due in part to the rise of technology-driven experiences as well as increased investment in experiential marketing in general.

Discover here some of the main Event trends for 2023 including:

Focus on sustainable Experiences

The focus on sustainability has been growing for years but it’s only recently that it’s become a mainstream topic of conversation within the industry. Over the next few years, we will see more companies adopting sustainable practices as part of their corporate social responsibility strategy, which means that greening events will become an even more important consideration when planning events.

Experience-first events

People want experiences over things. We live in a world where consumers are constantly bombarded with choices and often feel overwhelmed by the volume of products available to them. As a result, consumers have begun placing less emphasis on ownership and more value on experiences and memories – which is why experiential marketing has become so popular over recent years (and will continue to grow). This movement towards experiential marketing has given rise to experience-first even

Technology events will continue to advance drastically

In the past, event planners have focused on creating experiences that create a lasting impression on attendees.

Those experiences are now better than ever before, with technology and connectivity being at the heart of every event. This trend will continue in 2023, but with a focus on sustainability and experience-first events.

Technology is changing how we do business and how we interact with each other. This means that technology will also be used to enhance events and increase their impact on attendees. Events will become more experiential as attendees expect more from their event experience.

The rise in popularity of virtual reality (VR) and augmented reality (AR) has led to an increase in this type of experience being used at events. The use of VR headsets means that attendees can get involved in activities without leaving their seats which increases engagement levels and makes it easier for them to participate in activities such as team building games or quizzes.

In-person events will dominate the market

According to Meeting & Group Business magazine, the face-to-face events market is set for its "strongest year ever" in 2023.

Although virtual meetings are here to stay, face-to-face meetings are starting to gain relevance again among companies considering their proximity action between companies.?

The same happens with physical events, which are once again gaining space and are once again the preferred choice of the business public.

In short, the return to face-to-face events is already evident whenever possible, with an increase in spending on physical events of around 83% forecast for 2023.

Renewed focus on health and wellness

Over the past few years, there has been a growing concern for improving the well-being of employees in companies.

Many companies have started to adopt new, more welcoming workspaces with rest and leisure areas, also promoting fortnightly or monthly meetings, outside the company in different spaces, thus promoting the union and well-being of their teams and thus increasing their productivity, creating bonds of integration among all.

Walking through valleys by the rivers and city tours to get to know the cultures and historical spaces of some cities are increasingly used as moments of relaxation and interaction of the teams.

Tighter budgets will require a more strategic approach to event programs

Despite the fact that event spending is set to rise by 83%, it's no secret that thanks to the cost of living crisis, budgets will go under the microscope in 2023.?

In fact, it is estimated that the average cost per attendee will be 32% higher compared to 2019 levels. When it comes to venue pricing, a strategic approach is crucial

When it comes to making a case for events to stakeholders, businesses will need to ensure their events are aligned with their company objectives. It will become more important than ever to prove genuine ROI from events as cost vs return remains a large concern for the sector.