2024 Predictions for the Events Industry

With everyone reaching towards their crystal balls for a 2024 prediction roundup, we wanted a little more expertise in our future-facing pronouncements. Luckily, we had industry icon and newly minted HeadBox board member Karen Hutchings on hand to give a true expert insight into what 2024 might hold for all things meetings and events.

Expected economic downturn and market instability are never good things for an industry predicated upon generous corporate budgets; as we saw in the pandemic, M&E spending is often the first victim of corporate cutbacks. However, we also saw Covid reveal the buoyant, kinetic energy of those in procurement, event planners, and third-party agencies.

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Automation

Would it be a 2024 prediction post without shoehorning the AI factor into the equation? 2023 saw generative artificial intelligence take over the conversation, with Chat GTP and other services entering common parlance. The M&E sector is no exception with tools like live transcripts and translations, administrative correspondence, and pre and post-event analytics.

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Sustainability

Sustainable events will continue to be the primary goal of many bookers and venues throughout 2024. Cutting down the too-long-overlooked carbon footprint of M&E programs is an urgent concern, and rightly so. There is no magic bullet here; there must be interventions in everything, from food waste and energy consumption to logistics and transportation. Across all of these sectors, 2024 is the year for action and people are already leading the pack.

Sustainability in events has indeed become an industry on its own. A key concern is to retain the integrity of what ‘sustainability’ actually means in this context. Flying halfway around the world to attend a conference on sustainable events feels like it misses the point. Most importantly, carbon expenditure needs to be measured and addressed before an event is booked. 80% of carbon emissions for in-person events comes from travel to the venue. HeadBox's tool, Journeys, shows bookers which venue option has the lowest travel emissions.

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Meaningful Events

At HeadBox, we are constantly using the term ‘meaningful events.’ It’s a useful shorthand to describe an attitude towards events that first asks ‘why’. Every event should have an outcome, a key result that should be tangible and measurable. Examples can range from pure revenue or exposure (emphasizing the importance of marketing and Marketing Qualified Leads - MQLs) to sentiment surveys. The focus is on creating events that deliver real value, whether that's financial, informational, or emotional.

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Articulating Value and Showing ROI

In the realm of articulating value and showing Return on Investment (ROI), the contrast between remote and in-person experiences becomes apparent. While remote events can offer efficiency and scalability, in-person gatherings provide an authenticity that is hard to replicate digitally. This dichotomy will push event planners to innovate in ways that balance technological advancements with the genuine connections fostered by face-to-face interactions.

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Slowbalisation

The concept of 'slowbalisation' is becoming increasingly relevant in the events industry. This trend involves a shift towards more localized and region-specific events, as opposed to the rapid globalisation that has defined the past few decades. This change is reflective of a broader societal move towards sustainability, cultural specificity, and more intimate, community-focused experiences.

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Fragmentation and Recreation of Workspaces

The fragmentation of traditional workspaces and the rise of remote work have led to a unique challenge for the events industry: recreating the office environment in a more dynamic and engaging way. Events are evolving to not just be gatherings but are recreating workspaces. They aim to create environments that facilitate both formal and informal interactions, akin to traditional office settings. This includes the integration of meeting spaces, networking suites, and call booths, fostering an atmosphere conducive to both work and networking.

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Engaging Different Generations

A significant challenge for the events industry is engaging different generational groups. By the end of 2022, Generation Z already represented 36% of the workforce. Experiences and work flexibility matter more to them than other generations. Older generations may be accustomed to traditional formats and content, while younger attendees are often looking for more innovative, interactive, and technology-driven experiences.  

A recent report published by Microsoft found that Generation Z employees value health and well-being benefits in work, and prioritise a sense of purpose and meaning when looking for employment – the employee experience and organisational culture are now of upmost importance. The challenge is compounded by the fact that workplace flexibility is the number one requested employee benefit for 75% of Gen Z workers. Finding ways to square remote working with events that resonate  is crucial for the future success of the industry.

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The events industry in 2024 is set to navigate a landscape shaped by economic challenges, technological advancements, and a strong push towards sustainability. The focus will be on creating meaningful, valuable, and sustainable events that cater to a diverse audience while leveraging the latest technologies to enhance the overall experience.

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