2023 Event Forecast and Trends
MBD Marketing & Events has been in the industry for over 16 years and has seen A LOT in our time. Analyzing what we have booked this year, what our clients are talking about, what we are learning in the courses we take, and reading what our industry partners have to say.... here is what you can expect from meetings and events in 2023.
2023 Event Forecast and Trends
Colorado’s economy is expected to continue growing in 2023 — slowly. This is good news. Colorado’s economy is expected to grow slightly in 2023 — by a little over 1 percent, and inflation is predicted to drop to 4.6 percent according to the December economic forecast from Legislative Council Staff, the state’s nonpartisan fiscal analysts. While we may see some hesitation to spend big in some areas of business... economic growth helps with consumer confidence.
Meeting professionals expect in-person events and budgets to increase in 2023, according to American Express Meetings & Events.
The 12th annual Global Meetings & Events Forecast found that more than three quarters (77 per cent) of respondents are optimistic about the health of the industry heading into 2023 (rating eight or above out of 10) – a six-point increase compared to last year’s survey. And when it comes to budgets, just under two thirds (65 per cent) said that overall M&E spend is increasing for 2023.
MBD engages closely with Cvent and always anticipates their annual report.
Below are Cvent’s 14 Meeting & Event Trends for 2023
Trend 1 – Planners are not only planning more meetings, they anticipate a surge in future bookings.
Trend 2 – There’s a renewed focus on return on time/experience/investment for attendees, especially as costs increase.
Trend 3 – Social activism will play a big role in how meetings are planned.
Trend 4 – Hotels need to adapt to “a triple threat” (in-person, hybrid and virtual).
Trend 5 – Event planners will refocus on and prioritize health and wellness activities.
Trend 6 – Planners are choosing leisure destinations more frequently, perhaps even over metro centers.
Trend 7 – Virtual reality is no longer just for video games. It may soon make event planning easier and more efficient.
Trend 8 – Google’s shift away from third-party cookies will impact online advertising strategies.
Trend 9 – Smaller meetings may increasingly become a preferred option, especially for luxury events.
Trend 10 – Special events will increasingly become multiday celebrations.
Trend 11 – In-person meetings are a vital part of maintaining and rebuilding workplace culture.
Trend 12 – Reaching event planners with influencer marketing and placing additional emphasis on video content will become more common.
Trend 13 – An increased focus on diversity, equity and inclusion efforts in the meetings and events industry.
Trend 14 – New planners increasingly seek out special venues, outdoor events and unique settings.
Colorado is especially well-suited for trends 5, 6, 10, and 14 when working with planners seeking health and wellness activities, leisure destinations, multiday offerings, and unique/outdoor settings. Diversity, equity and inclusion (DE&I) also is at the forefront.
Meetings + Events Magazine predicts significant meeting & event recovery in 2023.
As reporting just weeks ago, in an update to its U.S. Meetings Recovery Forecast (MRF) released late last year, Knowland predicts that 2023 will be a year of growth and not just another year of recovery. The company, known for providing data insights on meetings and events for the hospitality industry, also offered an updated Top 25 U.S. Meetings Recovery Forecast (MRF25).
Knowland added the MRF25 in February 2022 examine industry recovery patterns for the top 25 U.S. markets. These cities include Anaheim, Atlanta, Boston, Chicago, Dallas, Denver, Detroit, Houston, Los Angeles, Miami, Minneapolis, Nashville, New Orleans, New York, Norfolk, Oahu Island, Orlando, Philadelphia, Phoenix, San Diego, San Francisco, Seattle, St. Louis, Tampa, and Washington, D.C.
Meeting Professionals International (MPI) has released their Fall 2022 Meetings Outlook report that indicates that many meeting professionals are reporting their business is back to pre-pandemic levels. However, rising costs and insufficient resources (both staff and budgets) are expected to be trends in 2023.
Price hikes have hit virtually every area of the industry, with 64% of planners and suppliers calling it a seller’s market. As a result, 78% are seeking new revenue opportunities for their meetings and events.
While 65% expect their budgets to increase in 2023, the growth likely won’t keep pace with rising costs.
Staffing is still an issue, with 62% of survey respondents indicating they are still having trouble filling staff vacancies.
A year ago, only 3% or respondents said their business levels had returned to pre-pandemic levels. Now, 32% indicate full recovery with 31% implying it will happen sometime in 2023 and the remaining 37% in 2024 or later. Great news!
The MBD Marketing & Events team has seen first-hand an increase in meetings, events and retreats. What we have noticed most is that clients are looking for NEW and CREATIVE ways to meet, connect and engage. We pride ourselves on our resourcefulness, connections and creativity. We anticipate growth in 2023 and even more so in 2024.
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