As we reach the midpoint of 2024, it's an opportune moment to reflect on the trends that have shaped the events industry so far. At the end of 2023, we identified five key trends poised to influence the sector: the resurgence of live events, the shift to year-round engagement, the transformative impact of AI and disruptive technologies, the emphasis on memorable experiences and meaningful connections, and the growing commitment to sustainability.
These trends have not only defined the strategic priorities for event planners and organizers but also reshaped how attendees experience and value events. In this mid-year review, we will explore how these trends have evolved, their current relevance, and the tangible impact they've had on the industry. We recently had a chat with CEO Tan Kuan Yan, to get his thoughts on these trends at the midpoint of 2024. From the robust return of in-person events to the increasing integration of AI, each trend has played a pivotal role in driving innovation and growth. Let's delve into how the events landscape has been transformed in the first half of 2024 and what insights can be gleaned for the remainder of the year.
Trend 1: Live Events Returning
Live events have largely resumed, with attendance approaching or even back to pre-pandemic numbers. Despite recent disruptions, in-person events remain crucial for fostering networking and business growth.
It's almost like we've turned back the clock to 2019, with live events returning to their pre-pandemic vibrancy. The pandemic now feels like a distant memory, where businesses, event attendees and work routines have all but returned back to normal once again.
However, this return to "business as usual" comes with new dynamics. With so many events now available, attendees are starting to feel a form of event fatigue (a deja vu to 2019!).
“ There are simply more trade exhibitions and conferences choices, leading people to become more selective about the events they attend. Gone are the days when attending six to eight events a year was standard. Now, attendees are more discerning, choosing only those events that offer the most value.”
Despite this, big brand events are thriving. Live events have resumed to their pre-pandemic attendance levels, underscoring the ongoing importance of in-person gatherings.
Moreover, there has been a noticeable shift in event formats. Attendees are seeking more valuable interactions, preferring formats that offer more personalized experiences. One-on-one meetings, in particular, have become increasingly popular. This evolution in attendee preferences signals a promising future for the events industry, where people attend events because it is, and will still be, a strong return on investment (ROI) for them -despite high participation costs.
Trend 2: Year-Round Engagement
The event landscape is shifting from annual events to regular, smaller gatherings throughout the year. This strategy enhances ongoing engagement and strengthens audience relationships.
“ The shift from annual events to a strategy of year-round engagement continues to gain momentum in the events industry. This trend is marked by increasing sophistication and a focus on regional and hyperlocal events.”
For instance, GITEX, known for its major tech exhibitions, is rapidly expanding with regional events in Europe,Africa and now Asia. This approach mirrors strategies seen with Amazon Web Services (AWS), which supplements its annual summit by growing and launching more hyperlocal events throughout the year.
This allows for more targeted engagement, addressing unique regional needs and fostering stronger local connections. This shift not only enhances marketing efforts but also supports regional growth by offering tailored experiences that resonate deeply with diverse audiences.
Trend 3: AI and Disruptive Technologies
AI and other technologies are transforming events by personalizing attendee experiences and streamlining operations. This ensures distinctive and memorable journeys for each participant.
While the general work environment has seen significant advancements with AI, its tangible applications within events are still emerging. The events industry finds itself at a crossroads, reminiscent of the COVID-19 era when virtual events became a necessity and organizations scramble to find what works for them through trial and error.
“The much-anticipated AI boom is unfolding, yet its integration into the events industry remains slower and less compelling than initially expected.”
Julius Solaris, a thought leader in the events industry, has frequently highlighted the need for bravery and experimentation with new technologies. During the pandemic, the shift to virtual events was a testament to the industry's resilience and willingness to innovate under pressure. Today, the challenge is to find equally transformative uses for AI and other disruptive technologies to enhance attendee experiences.
As the events industry continues to explore and integrate AI and other technologies, the emphasis should be on fostering innovation through trial and error, much like during the pandemic. This approach will be crucial in unlocking the full potential of AI and creating truly compelling and transformative event experiences.
“We should foster a culture of experimentation and learning from both successes and failures. Only this way can the events industry players (organizers and event tech providers) drive the industry forward, delivering events that not only meet but exceed attendee expectations in terms of engagement, personalization and overall experience.”
Trend 4: Emphasizing on the physicality of an event
The focus on providing compelling event experiences remains paramount. Event organizers are increasingly looking to personalize and offer value to attendees, moving beyond traditional booth spaces to create meaningful interactions and memorable journeys. The goal is to elevate marketing value and attendee engagement, ensuring that events are not just attended but experienced.
One trend which we have observed and identified as a significant need in the industry, is emphasizing the physicality of events. This aspect is not talked about as much but deserves to be highlighted for its potential to enhance attendee engagement and overall event experience. This shift has led to concepts like event festivalization. At a more micro level, there’s a focus on interactivity. This includes innovative ways to deliver conference (or even un-conference-like) sessions by speakers, investment by exhibitors in interactive booth displays and creation of curated meeting spaces (e.g. 1-1 meetings or specific trade sector networking).
These developments are all actively happening, so what’s next? We believe that technology focusing on enhancing the physicality of the events can bring things to the next level.
For instance, AI-powered maps are a promising development in this regard. These maps leverage artificial intelligence to enhance the physicality and accessibility of the events before they even happen. They allow attendees to navigate event venues seamlessly to plan their visits beforehand, thereby creating a sense of familiarity bias pre-show. This helps to increase the chances of them ultimately attending the event.
“The focus on enhancing the physicality of events represents a pivotal step towards creating memorable experiences that resonate and stick with attendees way before and long after the event concludes.”
Trend 5: Memorable Experiences and Connections
Event planners are focusing on Return on Experience (ROX) alongside ROI, creating impactful experiences that foster lasting memories of the community the events serve.
It’s true: event planners nowadays aren't just focused on ROI; they're also keen on Return on Experience (ROX). This shift highlights the growing importance of creating meaningful event experiences that forge lasting memories and deep connections among participants.
To deliver experiences that are not just memorable but have lasting value, it is crucial that the attendance purpose has a lasting impact. This is where business matchmaking comes in - a strategic approach that goes beyond surface-level interactions to cultivate valuable connections among attendees.
Tailored to specific industries or niches, matchmaking events ensure participants connect with like-minded professionals and explore relevant opportunities. Personalized meetings between attendees with similar interests allow for focused discussions, facilitated by targeted matching algorithms or manual processes, thereby maximizing the value of participation and enhancing the overall event experience.
“Ultimately, by prioritizing ROX, event planners bolster attendee satisfaction and loyalty.”
This approach not only boosts attendance rates but also generates positive word-of-mouth, solidifying the event's reputation and long-term success. However, it’s important to note that if organizers do not plan well or even implement unproven solutions, this can lead to negative experiences that undermine these benefits. Effective matchmaking and other experiential strategies must be carefully executed to safeguard the event’s brand and ensure participant satisfaction.
Trend 6: Embracing Sustainability
The events industry is prioritizing sustainability, with attendees seeking events with strong environmental credentials. This shift is leading to more local meetings and reduced carbon footprints.
The events industry has made significant strides in sustainability, despite its inherently high environmental impact. For instance, Informa Markets, co-founding the Sustainable Events: Big Initiative Group (SEBIG) with Freeman and other industry leaders, has been instrumental in this effort. They focus on reducing electrical consumption, carbon usage, and food waste. This collaboration highlights the necessity of industry-wide cooperation to meet sustainability goals and reflects a growing commitment to environmental responsibility in the events sector.
The drive for sustainability is gaining momentum, with industry leaders working together to implement eco-friendly practices and measure their environmental impact.
“ There is a growing conversation across industries about the importance of sustainability, with ongoing efforts to make meaningful progress.”
This collective effort is essential for ensuring the future viability of events in an environmentally conscious world.
Forward Momentum
As we look ahead to the second half of 2024, it's clear that the events industry is undergoing a dynamic transformation. The trends we identified at the end of last year have not only proven to be accurate but have also demonstrated their staying power and influence. They are no longer just trends—they are the new standards shaping the future of our industry.
Embracing these trends will help us create more engaging, efficient, and impactful events that meet the changing needs of our audiences and contribute positively to our industry's growth.
The events industry stands at a pivotal moment. By leveraging these trends, we can not only enhance the attendee experience but also drive meaningful connections and foster sustainable practices. The insights gained from the first half of 2024 provide a solid foundation for continued success and innovation in the months and years to come.
Kuan Yan, CEO of Jublia, reflects on the predicted trends for 2024 and their transformative influence on the events sector.
.png){kind=small}