READING AHEAD
2023 is shaping up to be a big year for the UK events scene , Cameron Roberts uncovers what the business landscape looks like for events
he business landscape in the UK has changed drastically over the last few years , with the pandemic being the obvious influence on all businesses within the UK . Events are often hit harder by macro changes than many industries , the pandemic once again being an obvious example .
But as the nation progresses into 2023 , how is the business landscape changing ? How do events businesses fit into this picture ?
To find out what ’ s in store for our sector I spoke to Karen Jane Lynch , CEO and business coach , Expert Impact ; Shaun Hinds , CEO , Manchester Central ; and Paul Black , head of business events , VisitBritain .
Shaun Hinds
The big picture
On a top line level , the story for 2023 is looking to be one of rising costs but a rising desire to consume and be face to face . Though inflation rates slowed slightly towards the end of 2022 , prices continue to rise , leading to increased costs for businesses . Karen Jane Lynch , CEO and business coach , Expert Impact , said : “ If you look at all of the challenges that businesses are facing : cost of labour , cost of goods , continuity of supply , more demanding consumers , rising consumer debt . Therefore , there will be less consumer pounds available in the next couple of years , as people ’ s interest rate changes kick through .”
This contraction of spending power will cause further disparity in spending power among potential delegates to B2C events . Lynch continued : “ I think we ’ ll see some polarisation , because if you ’ re sitting with £ 10m in the bank , the interest rates are helping you right now .
“ But the volume of people struggling with increased costs will mean more people will be negotiating higher salaries from organisations , therefore , we ’ ve got higher cost base .”
“ Enquiries for business events also picked up across last year , not yet back to 2019 levels , but growing with the North American market leading the recovery ,”
- Paul Black
With this increased focus on cost for consumers , it ’ s imperative that the return on investment for business offerings , especially events , is readily available for its consumers .
Shaun Hinds , CEO , Manchester Central : “ During 2023 , the events industry needs to concentrate on creating value for its audiences , be that in terms of quality of content delivered , opportunities to network and meet people or entertaining audiences in a way that leaves the participants wanting to return again and again .
Lynch agreed with Hinds , she said : “ It has never been more dangerous to get it wrong . I think we ’ ll see different pricing strategies , different attendance www . conference-news . co . uk