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them all to deliver the best possible event for a specific market .”
Keeping an eye on inflation Following the pandemic , inflation has been a concern for workers and businesses alike . Jones acknowledges this but encouragingly caveats that declining inflation will result in less impact on the industry than in the last two years .
“ As central banks gain confidence in managing inflation , interest rates are expected to decrease ,” he explains . “ While they may not return to post-2008 financial crash levels , we feel that the reduction will be sufficient to boost GDP growth , business activity , and consumer spending . This positive economic shift bodes well for our customers and the exhibitions industry .”
For Jones , inflation is one of several challenges that the exhibitions industry has had to tackle over the last few years – challenges which have seen the industry exhibit opportunity and growth despite them . He explains : “ As CEO of RX , I ’ ve witnessed the industry facing challenges headon , demonstrating its adaptability and strength . While inflation remains a factor , its impact on the events industry ’ s pricing and revenue is outweighed by the positive prospects of enhancing customer value at and around our events .”
Denton notes that inflation was a particularly hot topic during 2023 in the Middle East , where he is based . As a concern , it seems to
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be ebbing to the wayside , with conversations around it in the Middle East now quieter because of a booming market . However , the wider conversation on inflation might change in 2024 : “ Salary inflation in certain markets – that ’ s a different story ,” he exclaims .
AI marches on For Denton , Hall , and Jones , AI ’ s star will continue to rise in 2024 . Denton explains that , like many organisers , AI is a tool that dmg events is only just beginning to explore and plans to keep discovering the potential of in 2024 .
He says : “ Like all major organisers , we have teams working on it and it ’ s encouraging to see organisers collaborating and sharing successes and failures .”
Jones agrees that AI will remain important for the exhibitions industry , explaining that it will improve efficiencies and the accuracy of decisionmaking – improving the event experience for everyone .
He says : “ I believe that generative AI will enhance our work practices and offerings to our customers and our people . There are a lot of ways AI will unlock value for our industry .”
An example of this would be more personalised experiences . Jones explains that Informa Markets uses AI to provide realtime recommendations for networking to buyers and sellers based on their behaviour at the show .
Hall dives further into the industry ’ s adoption of AI and machine learning , describing
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how the technology has highlighted the irreplicable value of live events for many event professionals . Hall says : “ We view technologies such as generative AI and machine learning as huge opportunities for our events , brands , and colleagues . Our adoption of AI is focused on offering customers more targeted connections . Customers are seeking out real , live experiences and
“ Customers are seeking out real , live experiences and investing in channels that deliver authenticity and results more and more .”
investing in channels that deliver authenticity and results more and more .”
Hall adds that , into 2024 , Informa plans to continue analysing its large volumes of customer feedback to see how it can best harness these technologies to provide value to its customers .
Challenges both old and new Denton , Hall , and Jones are expecting to see both familiar and new challenges this year , often still due to pandemic fallout .
Jones highlights the impact of ESG , conflicts , carbon footprints , and smaller business travel spends on the industry , possibly resulting in fewer
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show visitors but higher quality connections . He says : “ Seeing trade show aisles bursting with visitors is no longer a good barometer of a successful trade show . Nor should it be judged on how many square metres an exhibitor takes . The barometer should be how much business is done .”
The conversation around talent acquisition and retention is set to continue : “ Our industry has been great at keeping employees ,” explains Jones . For RX , part of this retention is bolstered by its global DEI & B policy , which sees the company invest in programmes and initiatives across its international brand – “ As we change going into 2024 , so must our behaviours change – we want and need our employees to be nimble , creative , and brave and keep taking the big bets .”
Denton echoes that talent will be a pivotal conversation for 2024 , highlighting staffing and skills in particular . “ I ’ m not sure how long we can carry on referencing the pandemic , but it did drive a lot of skilled and experienced staff away from the industry ,” he comments .
However , Denton claims that the industry has done more than just bounce back , it is booming , so the new challenge is backfilling the open positions while also hiring more roles . Increased talent acquisition means more effort is needed to retain them , so a focus on nurturing new and upcoming talent is vital . EN
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32 — Spring |