From micro-events to sustainability, here’s what you need to know.

There’s no doubt that the last couple of years have had an enormous impact on the events industry. In 2019, pre-Covid, the industry was valued at US$1.1 trillion globally, and was expected to reach US$1.6 trillion by 2028, according to Allied Market Research. That was before the pandemic brought the world to a standstill and all but killed the events industry. By March 2020, it had already lost US$1.65 billion, revealed UFI, the Global Association of the Exhibition Industry, and by November of the same year, 52% of event professionals said they had lost income as a result of the pandemic, while 11% had been furloughed and 10% laid off.

Event companies, just like most other companies, pivoted, rescheduled, cancelled, waited and hoped, while the events themselves underwent major changes. Some went digital, most became hybrid, and those that were in person were dramatically reduced in size. The effects are still being felt today – there are the ever-changing health and safety issues, the integration of virtual trends, and the rise in demand for eco-friendly, sustainable events. Not to mention, employers are struggling to get employees to return to offices, let alone attend work events. Yes, it’s a lot. So, whether you’re part in the industry, or you’re simply thinking about your next business event, here are some trends you need to know.

Micro-Events Are Big News

In 2019, the average attendance for a conference was just under 5,000. This year, those number are, not surprisingly, a lot smaller. The last couple of years have seen scaled-back events become the norm. Of course, there are the exceptions to the rule, but some people still feel more comfortable in smaller, more intimate, settings. What’s more, scaled-back events are also more feasible and pose a smaller financial risk for all involved. Interestingly, the 2022 Global Meetings and Forecast, research revealed that 67% of respondents believe in-person meeting levels will return to their pre-pandemic numbers within one to two years.

The More, The Merrier

With smaller in-person events, there’s also the opportunity to do more throughout the year, particularly from a budget perspective. The trend is no longer to do one large scale event and then disappear for 11 months – it’s about showing up more consistently to have real impact and spark conversations that last all year long. Because no matter how many virtual events you attend, there’s nothing quite like meeting someone face-to-face when it comes to building connections.

Virtual Events Are Here to Stay

While we’re all still suffering from zoom fatigue, and there’s nothing quite like an in-person event, the reality is the business world will continue to host virtual events because they were so successful during lockdown. Take Microsoft’s 2020 conference: In 2019, it charged US$2,395 per person to attend and saw 6,000 attendees. In 2020, the event was free and 197,000 people showed up. While this would have certainly seen a decrease in profitability, many companies have pivoted their strategies to include a longer-term ROI and robust sponsorships. At their 2020 virtual conference, VentureBeat reported earned a greater profit than their in-person event the previous year.

Hybrid Events Become More Popular

Pandemic or no pandemic, running a hybrid event – taking place both online and in person – instantly makes it more accessible. CES – the world’s largest entertainment trade show – held a hybrid event in 2022, and organisers have said it’s unlikely to ever return to solely being an in-person event. Hybrid events allow for the flexibility and reach of a virtual event, but the connection and engagement of an in-person option.

Make It Sustainable

Just as there has been a rise in the demand for more health-conscious options – from food catering for specific dietary requirements to non-alcoholic beverages – so too have sustainable events become more popular. The overall shift towards environmental awareness has increased the use of technology, which has led to more remote participation, with a focus on mindfulness and wellness, social responsibility, events with a wider purpose, and plastic-free events.