Event Industry Latest News - September, 2023

Curious to know about the developments in the event industry that took place in the month of September? This is your chance to find out! Keep reading!

The Events Industry Council's Q2 2023 Global Events Barometer reveals a robust recovery in global business events, reaching pre-Covid 2019 levels. Key highlights include an increase in request for proposal (RFP) activity to 91% of 2019 levels and hotel room bookings at 98% of the equivalent quarter in 2019. However, concerns about a cooling global economy, tightening credit supply, and geopolitical tensions are noted as potential challenges for the industry's recovery in the third and fourth quarters of 2023.

The Consumer Confidence Index, as reported by The Conference Board, declined in September 2023 to 103.0 from 108.7 in August, indicating two consecutive months of decline. Consumer concerns centered on rising prices, particularly for groceries and gasoline, as well as worries about the political situation and higher interest rates. Expectations for the short-term outlook, including business conditions, job availability, and incomes, deteriorated, with the index falling below the recession threshold of 80, reflecting a less optimistic view of the future.

The Conference Board Leading Economic Index (LEI) for China declined by 0.3 percent in August 2023, indicating potential obstacles to economic growth. This follows a 0.5 percent decline in July, with the LEI contracting by 1.5 percent from February to August 2023, though at a slower rate compared to the previous six months. The Coincident Economic Index (CEI) for China grew by 0.1 percent in August, reflecting the current state of the economy, with a 1.9 percent increase in the six months between February and August 2023. However, the LEI's decline suggests ongoing headwinds to growth, with a revised GDP growth projection of 4.8 percent for 2023.

PCMA has announced that the next edition of Convening EMEA will take place in Barcelona, Spain, from September 30 to October 2, 2024. Alongside this event, PCMA will co-locate a sustainability conference organized in partnership with the Strategic Alliance of the National Convention Bureaux of Europe (SANCBE). The sustainability conference aims to address environmental challenges in the business events industry and explore sustainable practices in various sectors, with the knowledge gained influencing PCMA's future event planning.

The global event logistics market was valued at $56 billion in 2022 and is expected to grow at a CAGR of 4.58% to reach $73 billion by 2028. This growth is driven by the increasing demand for professional event management services and a rising number of business events, including entertainment, sports, trade fairs, and other cultural and corporate gatherings. However, challenges such as the high cost of logistics services and the lack of industry standardization may hinder market expansion, necessitating a focus on service quality, technological enhancements, sustainability practices, and regulatory compliance to overcome these obstacles and foster further growth.

The Special Event Company, a prominent event producer based in the Triangle area, is collaborating with North Carolina State University's College of Natural Resources to develop the curriculum for the Special Event Planning (PRT458) course. This course is a crucial requirement for students pursuing the Tourism and Event Management concentration within the Parks, Recreation, and Tourism Management major. The partnership aims to provide students with real-world insights and knowledge from industry professionals to prepare them for careers in event planning and hospitality.

The Wall Street Journal's ranking of the top 30 convention centers in the U.S. highlighted Las Vegas as a standout destination, with three Las Vegas facilities in the top 10. The Las Vegas Convention Center claimed the top spot, offering extensive space, amenities, and convenience with its proximity to numerous guest rooms. However, the surrounding area's appeal and extreme weather conditions in Las Vegas were noted as potential mitigating factors, while other centers in California and Florida excelled in these aspects.

Meeting planners are now faced with the additional responsibility of cybersecurity as a result of a new SEC disclosure ruling. Publicly traded companies must now report cyberattacks, potentially impacting meeting planners working with such companies. Planners may need to include cybersecurity considerations in their event planning, including ensuring that cybersecurity measures are in place, and they may need to provide documentation of their cybersecurity policies and procedures to clients.

CloserStill Media, a producer of business events, exhibitions, and conferences, has acquired a majority stake in the Hydrogen Technology Expo and Carbon Capture Technology Expo events in the US and Germany. These events, which showcase hydrogen and carbon capture technologies, have seen significant growth as industries focus on decarbonization. The acquisition is part of CloserStill's expansion into the United States and continental Europe.

RecruitEvents has launched a recruitment platform aimed at event professionals, providing job seekers with an innovative space to showcase their skills and helping employers find the right recruits in the events industry. The platform was created by James Brejski, who, after studying Events Management, realized that job seekers in the events sector couldn't fully showcase their talents on existing job sites. RecruitEvents offers a modern approach to job searching tailored to the dynamic and creative nature of the modern events industry.

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