Emerging Trends in the Event Industry

After two years of hiatus, everyone in the event planning field is itching to get back to some form of in-person gatherings. From the hustle and bustle of pre-pandemic days to the sudden lull in every direction, events have undergone major changes in the last couple of years. 

The planners with some foresight quickly jumped on the virtual events bandwagon—which quickly transformed the industry into a more responsive scene. Virtual events evolved very fast in response to the external forces and soon became a viable platform that may continue beyond the pandemic stoppages and restrictions. This evolution gave rise to hybrid events that will also likely continue long after Covid-era constrains have been lifted.

Looking past the pandemic, there are trends that transcend this era. In this blog we will attempt to identify a few key developments that will likely prevail in the next few years.

In-Person Events with Trepidation 

While both planners and attendees are eager to jump back in the in-person gatherings, some—maybe even more—attendees are still apprehensive and may shun in-person events. In a survey, American Express found that over 80% of planners were planning for in-person events going forward. This will have important implications for supply and demand of various services—venue and supplier availability, labor shortages, etc. 

By the same token, planners must remain vigilant regarding possible surges in Covid variants that may cause sudden shutdown of some areas of the country. Cancelation clauses in various contracts take on new importance.

Hybrid Events to the Rescue

Given the risks associated with in-person events, planners are not likely to abandon virtual options. But what is most likely, the hybrid option will remain a viable alternative long after the risks associated with Covid have subsided.  From technical as well as logistical points of view, Hybrid events provide planners with a unique—and lasting—alternative to in-person gatherings.

What is likely to emerge is a combination of virtual and hybrid events as a single solution.

Technology to Reign Supreme

Technology has been transforming the event planning field for some time  now—well before Covid-induced trends. Virtual Reality, Augmented Reality, Artificial Intelligence and 3D Videography had already crept into event production before Covid accelerated the penetration. From VR tours of potential venues to simulated events, technology is now everywhere. 

Savvy planners will be able to take advantage of all the new technologies to sustain interest in the content as well as to provide alternative solutions to in-person experiences. The CSR value of some of this technology developments is a bonus. Companies are increasingly eager to reduce their carbon footprint. A VR site inspection of a faraway venue offers multiple benefits all around which nicely dovetails with most corporations’ commitment to eco-friendly and sustainable business practices. 

A by-product of this trend is demand by many corporations that their events be carbon neutral all around—a policy that will extend to supplier practices. In addition, many corporations recognize that committing to enhanced social value makes good business sense.

Demand but No Supply

Perhaps the most pronounced impact of Covid has been the—worsening—imbalance between demand and available supply. Nowhere this has been as pronounced as with the shortage of labor. While the jury is still out as to the underlying reasons for the so-called “great resignation,” the net result is yet another constraint on the planner to roll out a successful event. The inflationary pressures will likely subside, but some of the impact may continue to adversely affect the production of some events—hence, more technology to the rescue.

Health and Safety to Override All Else

With Covid came hyper awareness of the importance of health and safety measures when it comes to planning or producing events. While adherence to strict social distancing practices may be fading away, maintaining a safe and healthy environment at events will likely outlast any Covid-induced hypervigilance. This will also accelerate the introduction of safety-minded technologies such as touchless or similar digital solutions which will stay with us for foreseeable future.

Putting It Altogether

The event industry has seen unprecedented changes since the outbreak of Covid—Trends that were either induced by Covid or were accelerated by it. Not all changes are to be frowned upon. The trends we have summarized above will likely help planners introduce new ways of doing business—both in the interest of event planning industry as well as the attendee community. The planners with foresight will surely try to stay ahead of these and other emerging trends to keep the event industry at the forefront of technology adoption. 

To plan your next event taking advantage of latest event technologies, let professionals at GMSEvents propose state-of-the-art seamless solutions.