Opinion
Uptick in spend proving broad commitment to events
In this exclusive for EW , Mark Shashoua , CEO of Hyve Group , explains why he believes the events sector remains one to watch into 2024 and beyond
‘ The events industry acts as a barometer for each sector it serves and the broader economy ’ s health ’ hile it may be
W unsurprising to hear the CEO of an events businesses saying that the sector remains a promising one to watch , the resilience of our industry in the face of ongoing uncertainty is undeniable .
In the wake of the economic upheaval of the last few years , we are seeing businesses continue to prioritise spending on events that deliver impact . As they analyse their bottom lines and scrutinise ROI , they ’ re doubling down and investing in the leading , most vibrant industry events and pulling back on less agenda-setting ones . Exhibitors and attendees want a one-stop shop that provides them with a few packed days of insights and networking to make the travel and time away from their desks truly worthwhile .
This recognition of the most valuable events can be seen in an emerging , post-Covid trend . Since the pandemic lockdowns abated , we ’ ve seen far more businesses bringing whole teams along to our events so each person hears the talks , has a chance to network and benefits from the power of being together with industry leaders and changemakers . These are businesses that were previously loyal in sending a handful of key executives who would come and make powerful connections , taking the leads and intelligence back to their broader teams . Increasingly they are now taking the team with them on the full journey and further maximising the time together by adding on an extra day for a team offsite and debrief .
This commitment of exhibitors and attendees to the most meaningful of events means we ’ re seeing an uptick in spend across our portfolio . In this sense , the events industry acts as a barometer for each sector it serves and the broader economy ’ s health . The commitment of those in particular sectors , from ecommerce to EdTech , on event spending for the year ahead shows the confidence they have in their own businesses and their certainty that by attending they ’ ll make deals and forge valuable relationships .
If some feared Covid-19 would knock the wind out of the event industry ’ s sails for good , they have been proven very much mistaken . In fact , what the pandemic reminded people of was the unrivalled power of being together , making impactful human connections .
Clearly there is a healthy appetite among many to re-engage with colleagues and peers beyond our screens and homes . This human drive to be together and the recognition of the value it holds for us professionally is another factor providing greater certainty that the future of the events sector is a healthy one . It remains one to watch .
Vincent Polito www . exhibitionworld . co . uk Issue 5 2023 63